17 Jan

Loans to FTBs increase in November

Loans to FTBs increase in November

The amount of money being loaned to the crucial first-time buyer market to allow them to head to estate agents increased in November, according to a newly-released report.

The Council of Mortgage Lenders (CML) said that the amount of money loaned to these groups for the purposes of house purchase increased by some six per cent throughout the month.

It also added that the proportion of mortgages that were going to newcomers to the market had increased, with these making up 41 per cent of all housing loans, compared to 38 per cent on average.

This can be partially put down to the government's Funding for Lending scheme, which has seen banks able to put more money into the market without the added worry of risk of losing it.

CML director general Paul Smee, said: "Encouraging activity in the first time buyer sector in November contributed to an uplift in house purchase lending suggesting that the underlying trend for year on year increases should continue."ADNFCR-1222-ID-801523965-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.