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First time buyers reach 5 year peak

The number of people buying their first home is at the highest level for five years, according to data from the Council of Mortgage Lenders (CML).

In total there was a rise of 17pc in the number of mortgages approved for first time buyers in February 2013 when compared to February 2012, contributing to the best start to a year since 2008.

However there was a drop of 3.2pc in those taking out a loan to move house, meaning the value of loans to movers fell by 2.8pc over the year.

Last week we reported that the total cost of applying for a mortgage for a first time buyer has risen 5pc since last summer, but this seems to be doing little to discourage those looking to get onto the property ladder. Government initiatives, such as Funding for Lending and the new Help to Buy scheme are thought to be a major reason the market for first time buyers is improving.

CML’s director general, Paul Smee said “First time buyers are continuing to take advantage of more favourable market conditions, helping to drive the underlying trend for resilient house purchase lending”

“We hope that the new initiatives announced by the Government in the 2013 Budget will further stimulate first time buyer activity, but also help those ‘second steppers’ looking to move into a new or existing home”, he added.

If you have any questions about your mortgage, or any other financial issues, please contact one of our advisors who will be happy to help.

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