First-time buyer loans reach two-year high
The number of loans to first-time buyers shot up by 9.1 per cent in June to its highest point since July 2010.
Council of Mortgage Lenders figures show the number of loans rose to 19,200 with the value also up 9.1 per cent on May to £2,400 million. The number of loans is up 3.8 per cent on the previous year.
The CML said the first-time buyer market was showing signs of a ‘more normal pattern of activity’ following the end of the stamp duty holiday in March.
Director general Paul Smee said: ‘First-time buyer activity is showing some signs of resilience as we move away from the obvious effects of the stamp duty concession, a trend that it would be good to see maintained.’
Orbit Homebuy Agents, which delivers low-cost homeownership products across large parts of the Midlands and eastern England, said it has seen increasing demand in the first part of the year.
Margaret Snook, head of the Homebuy Agency, said: ‘In the first quarter of this financial year, almost five hundred households moved into a new home through our Homebuy schemes.’