First time buyer lending rises in June

first-time-buyerThe latest figures from the Council of Mortgage Lenders (CML) have shown that there was a growth in the first time buyer market in the UK in June. First time buyers borrowed £5.5 bn, 25% on June year on year which is some 34,300 loans for house purchases were taken out by first time buyers in June. First time buyers’ have overcome the other owners in June since 2007.

 

Paul Smee, CML director general says: “These figures reveal growth in first time buyers’ activity. As ever, there is uncertainty and it will take more time and to understand the evolution of market in the current environment due to the EU results. The mortgage market is well capitalized, flexible and open for business, and will remain so for the foreseeable future as per the predictions of mortgage experts. First time buyers are continuing to drive house purchase lending, outperforming home movers. More loans were advanced to them in June than at any time since August 2007.”

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