You are here: Home - Mortgages - First Time Buyer - News -

First-time buyers boost lending in June

0
Written by:
11/08/2016
Home mover and first-time buyer activity is strong as lending remains robust.

First-time buyer lending was up 25% in June compared with a year ago, according to figures from the Council of Mortgage Lenders.

Borrowing by first-timers hit £5.5.bn which was also 28% higher than in May, as they took out 34, 300 mortgages.

Home movers borrowed £6.9bn, up 33% on May and up 5% compared to a year ago. This represented 33,900 loans, up 28% month-on-month and up 0.3% on June 2015.

Remortgage activity totalled £5.6bn, up 8% on May and 6% compared to a year ago. This came to 32,400 loans, up 4% month-on-month but down 2% compared to a year ago.

Paul Smee, director general of the CML, said: “These figures reveal growth in house purchase activity and in particular for first-time buyers. As ever, there is uncertainty and it will take more time and patience to understand how the market will evolve in the current environment – these figures predominantly cover activity in the run-up to the referendum. We still believe that the mortgage market is well capitalised, resilient and open for business, and will remain so for the foreseeable future.

“First-time buyers are continuing to drive house purchase lending, outperforming home movers for the third month running.”

Stephen Matthews, director at estate agent, Greene and Co, added: “Now that economic and political stability is beginning to be restored, and as we see the countries lowest ever mortgage rates fall even further, we should start to see the resilient mortgage market bounce back in the upcoming months.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Students told to be on guard amid fresh fraudster attack on loans

Weeks before the start of a new academic year, students are being told to remain vigilant amid reports of a...

Close