New data from the Council of Mortgage Lenders (CML) has revealed an increase in the number of mortgage loans taken out by first-time buyers during April this year.
According to the data, there was a 1% rise in the number of loans to first-time buyers in April compared to March, but a 37% rise compared to April 2013. By value, lending to first-time buyers was up 3% on March 2014 and 52% higher than in April last year.
The figures have also revealed that:
- The number of loans to home movers increased in April by 11%, with the value up 15% compared to March. Compared with April 2013, growth was up 30% by volume and 47% in value.
- Total number of loans for home-owner house purchase (first-time buyers and home movers) increased month-on-month by 6% and 11% by value on March, with year-on-year growth in number of loans up 33% and 47% by value.
- Total number of loans for remortgage in April were up 6% and 11% by value compared to March.
- Total number of buy-to-let loans declined slightly month-on-month, down 1% in April but the value remained unchanged. Compared to April 2013, there was a 43% increase in number of loans and a 57% increase in overall value.
“First-time buyers and home movers continue to be key drivers in the growth of the market and, despite fears that MMR preparations may hinder this momentum, we have seen a continued year-on-year upward trend every month in 2014,” said Paul Smee, director general of the CML. “The UK picture continues to mask a disparate set of varied local conditions, but overall we expect lending levels to continue to build on the foundation of growth we have seen over the past 12 months."
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