FTBs driving mortgage market growth - Mortgages - News - Moneyfacts


FTBs driving mortgage market growth

FTBs driving mortgage market growth

Category: Mortgages

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

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 It is now over 6 months old so the content may be out of date.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.

What Next?

Compare the top 6 First Time Buyer mortgages

How much can I borrow calculator?

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.

Fee-free mortgages on the rise

Mortgage rates may be at record lows, but for some people, the extra costs associated can make switching deals a financial impossibility. It’ll come as welcome news, then, that the number of fee-free deals has more than doubled over the past year!