First-time buyers soars 24 per cent on last year

New data released on UK lending in March 2014 shows that first time buyers are up 24 per cent from the same period last year.

First-time buyers took out 24,400 loans this March and there were 34 per cent more first-time buyer loans in the first quarter of 2014 compared to the same time in 2013.

The survey compiled by the Council of Mortgage Lenders (CML) included first-time buyers, home-movers, remortgagors and those using the buy-to-let scheme. Findings also showed that new loans to home-owners increased in March by 17 per cent from the same period last year and by four per cent from February.

The number of loans for home-owner house purchase in the beginning of 2014 was up by 27 per cent compared to the same period in 2013, but down by 16 per cent compared to the end of the last year.

Home mover loans did not change from February to March but was 11 per cent higher than March 2013. In the first quarter of 2014, home movers took out 79,000 loans, a 19 per cent decrease compared to the previous quarter but up 20 per cent on the same period last year.

The total number of loans taken out by home-owners for remortgage in March was 2 per cent higher than in February and 5 per cent higher than in March 2013.

Like other borrower types, remortgage lending fell in quarter one of 2014 compared to quarter four of 2013 by 6 per cent in volume, but increased 14 per cent compared to quarter one of 2013.

Gross buy-to-let loans advanced increased in March by 10 per cent compared to February and up 56 per cent on March last year.

First quarter results show gross buy-to-let loans advanced rose just 1 per cent compared to the fourth quarter of 2013 but up 46 per cent in volume compared to quarter one last year.

The Bank of England reported earlier this month gross UK mortgage lending was £15.3 billion in March, a 4 per cent rise compared to February, and up 32 per cent in value compared to March last year.

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