Lending to first-time buyers jumps by a quarter

Lending to first-time buyers in July was up 25% on the previous year, lenders have reported.

The Council of Mortgage Lenders said there were 30,200 first-time buyer loans in July – 3% more than in the previous month.

The typical first-time buyer loan was £127,500.

Lending to home movers was also up, with 37,500 house purchase loans advanced – 15% up on June and 19% up on July last year.

In total, there were 67,700 loans for house purchase, up 10% on June and up 21% on July 2013.

The CML figures also show 17,500 buy-to-let loans in July, up 12% on the previous month and 18% on the year.

The NAEA has said that activity by young buyers under the age of 30 is at a record low, representing just 3% of the market. However, the CML figures appear to be the latest data to counter the claim – although the CML does not mention ages.

 

x

Email the story to a friend



Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.