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FTBs driving mortgage market growth

FTBs driving mortgage market growth

Category: Mortgages

Updated: 12/09/2013
First Published: 12/09/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Gross mortgage lending rose 29% year-on-year in July to £14.9 billion, boosted by a surge in first-time buyer (FTB) loans.

The latest figures from the Council of Mortgage Lenders (CML) reveal lending to FTBs was up 41% in July when compared to a year previously and 5% higher than June.

By value, FTB lending was 46% higher when compared to July last year.

Overall, mortgage lending increased 12% between June and July.

Remortgage lending continued to show improvement, with 27,000 loans approved during the month – up 5.5% on June's figure and 7.6% higher than July 2012.

Meanwhile, buy-to-let lending in July recorded a 6.7% increase when compared to the previous month.

Elsewhere it was revealed that the average house price in England and Wales has climbed to £233,776.

According to LSL/Acadametrics' August House Price Index, this figure is 3.2% higher than a year ago and 0.4% up on July.

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