First-timer lending at its highest since 2007
The number of first timers heading to estate
agents is now at its highest since 2007, after mortgage lending
was reported to have returned to near-peak levels.
According to the latest findings from the Council of Mortgage
Lenders (CML), 68,200 newcomers got onto the ladder in the second
quarter of this year, the highest since 2007.
This has been boosted by the Funding for Lending scheme, which has
seen the volume of loan approvals rise from 19,400 last June to
25,300 in the same month this year - a 30 per cent increase.
Paul Smee, director general of the CML, said: "First time buyers
have become a strong driver in the growth of mortgage lending this
year proving that market conditions are favourable for them."
In total, there were 151,600 loans approved for home purchases in
the second quarter of 2013, which was a 17 per cent increase on the
same period last year.