Lending to first-time buyers has hit its largest quarterly total since 2007 with 68,200 purchasing their first home in the second quarter of 2013, according to new figures released by the Council of Mortgage Lenders (CML).
This increase, along with growth in lending to home movers, has resulted in a jump in total house purchase lending. Remortgage lending dipped back in June compared to May, although it continues to trend above levels earlier this year.
CML data shows that 25,300 loans were advanced to first-time buyers in June, a 30% increase on the 19,400 loans advanced in June last year. Following the strength in first-time buyer activity in May and June, quarterly lending to first-time buyers was at its highest since 2007.
CML data has also shown that lending to home movers continued to grow on a year-on-year basis, albeit at a slower rate than for first-time buyers. Some 30,100 loans were advanced to home movers in June, a 6% increase compared to June last year, which had a total loan value of £5.1 billion.
For the second quarter of the year overall, 83,500 loans were advanced to home movers, which was an increase of 27% on the first quarter of 2013 and up 4% on the second quarter last year.
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