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First-time buyer lending rises to July 2010 level

First-time buyer lending rises to July 2010 level

Category: Mortgages

Updated: 13/08/2012
First Published: 13/08/2012

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First-time buyer lending has risen dramatically to its highest level since July 2010, giving some hope to those venturing onto the property ladder.

The number of mortgages lent to first-time buyers during June totalled 19,200, an increase of 3.8%, compared to last year. Banks and building societies lent around £2.4 million to first-time buyers in June, a significant increase of 9.1% compared to June 2011.

The increase in first-time buyer activity also helped to boost overall lending statistics. According to the Council of Mortgage Lenders (CML), house purchase lending during June reached just over £7 billion, a 1.4% rise compared to the same period last year.

Director general of the CML, Paul Smee, said: "Lending figures have see-sawed in the first half of the year, and we may see more fluctuations in the coming months as the effects of the Olympics and other special events in the UK this year are reflected in our lending numbers.

"Within that broader context, first-time buyer activity is showing some signs of resilience as we move away from the obvious effects of the stamp duty concession, a trend that it would be good to see maintained."

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