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41% increase in first-time buyer loans


The number of mortgages advanced to first time buyers in July has increased by a huge 41% compared to a year ago and 5% in comparison to last June; reflecting recent reports of increased activity in the housing market.

In total, there were over 25,000 loans advanced to first time buyers in July 2013 according to the Council of Mortgage Lenders (CML). However this is still 10,000 lower pre-recessionary levels, meaning that the market is yet to fully recover.

Furthermore, Mark Harris, Chief Executive of mortgage broker SPF Private Clients, has claimed that these buyers are taking a measured approach to purchasing houses which has led an increase in overall mortgage lending of 29% to £16.7 billion.

Despite this increased activity in the housing markets, fears have been raised by some, including Anthony Jenkins, Chief Executive of Barclays Bank, that government initiatives that have helped to kick-start the market could actually be the cause of a potential housing bubble. The CML however dismissed these fears, stating that talk of a housing boom was ‘premature.’

Whilst the housing market does seem to be enjoying a period of increased activity, it does remain to be seen whether or not this growth will be sustainable or if it will simply create another housing bubble.

If you have any questions regarding the property market or have any queries regarding equity investments, then you can do so by typing in your question onto this page and one of our expert advisers will reply to you within 60 minutes.

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