16 Apr

FTB lending on the increase in February

FTB lending on the increase in February

The amount of money being loaned to those who were looking to get their first footing on the property ladder in February was on the increase, according to the latest data from the Council of Mortgage Lenders (CML).

According to the organisation, the number of first-time buyers coming to market was three per cent higher when compared to January to mark the best start to a year at any time since 2008.

This means that the number of newcomers is now returning to levels last seen before the financial crisis hit the mortgage market hard.

It also reported that the volume of first timers was a full 17 per cent higher in February of this year than it was just a year ago, with 16,400 loans being approved compared to 14,000 a year ago.

CML director general Paul Smee said: "First-time buyers are continuing to take advantage of more favourable market conditions, helping to drive the underlying trend for resilient house purchase lending."ADNFCR-1222-ID-801572353-ADNFCR

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