Mortgages  

CML: First-time buyer lending up 23% in 2013

Lending to first-time buyers was up 23 per cent in 2013 compared to the year before, data from the Council of Mortgage Lenders reveal.

In its latest figures, the CML reports that loans to home movers rose 19 per cent compared to December 2012, and the total number of loans for house purchase was up 27 per cent year-on-year but down 1 per cent compared to November. The number of loans to first-time buyers was up 37 per cent in December compared to the previous year.

The CML said strong home-owner house purchase numbers through 2013 continued into the closing months, with 2013 overall up 11 per cent on 2012. Buy-to-let loans for house purchase increased 18.6 per cent in 2013 compared to 2012.

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Paul Smee, director general of the CML, said: “In 2013, there has been a resurgence in the mortgage market with year-on-year growth for all types of borrower.

“First-time buyers were an especially important factor in driving the market forward in 2013 as improved economic conditions, as well as the introduction of government schemes like Help to Buy, have given the opportunity for them to enter the market and become home-owners.”