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Number of first-time buyers increases

Thursday, 11 August 2011 2:17 PM

The pressure on those buying their first property seems to be easing with news that June saw the highest number of mortgages taken out by first-time buyers in ten months.

According to the Council of Mortgage Lenders (CML), June saw 18,100 loans worth £2.2 billion given to first-time buyers. That's 24 per cent higher by volume and 29 per cent higher by value than in May.

June’s first-time buyer numbers were exactly the same as last August, but eight per cent lower by volume and value than in June 2010.

Paul Smee, CML director general, said: "Whilst there are clearly financial uncertainties ahead, it is encouraging to see more house buyers surfacing at the start of summer.

"Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while."

Home movers took out 28,600 loans worth £4.6 billion in June. This was up from 23,800 worth £3.7 billion in May, but down from 32,800 worth £5.3 billion in June last year.

Overall, there were 46,700 loans worth £6.7 billion for house purchase in June, up 22 per cent in volume and value from May, but down 11 per cent by volume and 13 per cent by value on June 2010.

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