The United Kingdom's first-time homebuyer share of the purchase loan market hit a low not seen since September 2007 in the latest reported month, according to the Council of Mortgage Lenders, London. First-time buyers represented 35% of purchase mortgages made in April, down from 39% in March and from 38% during April 2009. The CML said this likely reflects high downpayment hurdles imposed by lenders and first-time buyers general lack of downpayment resources. There were 40,000 purchase loans in total during April 2010, down from 45,000 the previous month but up from 35,000 during April 2009. There were 24,000 refinance loans during April 2010, down 16% from March and 26% from April 2010.
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