It’s great news that first-time property buyers are finding it easier to buy their first home. According to the CML, Council of Mortgage Lenders, lending to first-time buyers is at its highest for nine years. Loans were up by 24% on a monthly basis – a total of 33,330 house purchases were completed in June compared to 27,600 in the previous month with 33,900 loans to home movers up from 26,400 in May - an increase of 28%.
June was the third month running where loans given to first-time buyers were higher than those given out to home movers. This is the first time we have seen a change in trend for 20 years.
Paul Smee, Director General of the CML, said: “First-time buyers are continuing to drive house purchase lending, outperforming home movers for the third month running. More loans were advanced to them in June than at any time since August 2007.
“Buy-to-let house purchase activity remains lower than before the Stamp Duty changes at the beginning of April, but showed a large month-on-month increase.
“As might be expected, buy-to-let remortgage seems to have been less affected by the changes and remains consistent with lending last year.”
If you would like some help and advice about buying your first property then why not pop into your local branch of Intercounty, or give our team a call on 01279 655248, or check out the first-time buyers guide on our website which is packed full of handy hints and tips for first-time buyers.