The housing market received a boost during July as more people moved home, providing an 8.5% increase to gross mortgage lending.
Latest figures released by the Council of Mortgage Lenders (CML) have revealed that 30,500 mortgages were lent to people moving properties during July, totalling £5.1 billion.
Lending in the first-time buyer market also improved, offering some hope to those struggling to make it onto the property ladder.
Despite tough lending requirements from banks and building societies, a total of 19,000 loans were approved to first-time buyers, 8% higher than last year's figure.
Encouragingly, the average loan-to-value (LTV) borrowed by a first-time buyer rose above the 80% mark for the first time in three years.
Latest research by Moneyfacts.co.uk has found that the average rate for a 90% LTV mortgage currently stands at 5.31%, significantly lower than 5.50% this time last year.
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