12 Aug

First-timer lending at its highest since 2007

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.ADNFCR-1222-ID-801623870-ADNFCR

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