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The number of first-time buyer house completions stalled in October according to Your Move and Reeds Rains.

The agencies' new first time buyer barometer' measure shows there were 26,500 first-time buyer completions in October, 0.8 per cent more than a year ago but 1.1 per cent fewer compared to 26,800 in September.

First-time buyer transactions have now fallen back 12.3 per cent over the last three months, although the rate of slowdown is beginning to ease.

A monthly slowdown of 1.1 per cent between September and October compares to falls of 7.3 per cent between August and September and 4.3 per cent between July and August.

The average purchase price for a first-time buyer property rose 4.1 per cent year-on-year to reach £152,684 in October. Over the same period, the average first-time buyer deposit has fallen 6.0 per cent - boosted by a greater variety of options for higher LTV borrowers - and now sits at £26,046, compared to £27,719 a year ago.

Meanwhile the latest e.surv mortgage market survey shows a drop off in higher LTV lending in October.

Lending to borrowers with a deposit of 15 per cent or less of the total value of their property constituted just 14.9 per cent of all house purchase borrowers in October, the lowest percentage in six months. Their share of the market had been stable from June to September, fluctuating very slightly between 17.4 and 17.8 per cent.

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