13 Mar

Rise in January first-time buyers

Rise in January first-time buyers

January saw a rise in the number of first-time buyers coming into the market, which could go some of the way to providing a much needed boost to the property sector.

The Council of Mortgage Lenders (CML) has reported that there were 35,600 mortgages advanced to the market in January, which was a rise of 23 per cent compared to last year.

At the same time, there was also a 22 per cent rise in the value of mortgages compared to a year earlier, with £5.3 billion being the final total.

Director general of the CML Paul Smee said: "The year-on-year rise in house purchase lending suggests that lending levels are generally rising although we expect the trajectory to be bumpy rather than smooth."

Recently, Nationwide Bank announced an incentive to encourage first-time buyers, offering them £1,000 towards their stamp duty when they take out a mortgage after March 24th.ADNFCR-1222-ID-801316813-ADNFCR

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