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October lending to First Time Buyers was up by almost 50%

An annual report recently published by the Council of Mortgage Lenders (CML) showed that first time buyers returned to the housing market substantially during the month of October, with the value of loans rising by nearly 50% on 2012 figures.

The CML report advised that loans to first time buyers during October totalled £3.7 billion, which showed a positive increase from September. Year on year there was an impressive 48% increase from October 2012 when first time buyer loans totalled £2.5 billion.

Sadly the re-mortgage sector saw a 12% decrease in October against September.

Paul Smee, Director General of the Council of Mortgage Lenders commented “After years of a relatively flat mortgage market, 2013 has shown signs of lending turning a corner and looks set to finish the year strongly”.

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