Number Of First Time Buyers Reaches Their Highest Level In 5 Years

March 8th 2013
By: Acquarone

According to industry data published by the Council of Mortgage Lenders, the number of first-time buyers has reached its highest since 2007. The report announced that a total of 216,200 first-time buyers became homeowners last year, which reflects a year on year rise of approximately 12% since 2011 when 193,000 loans were advanced.

Paul Smee, director general for the Council of Mortgage Lenders suggested that ‘despite the seasonal dip in lending we normally see in December, the underlying trend for year-on-year increase in house purchase activity continued in 2012.’ Paul summarised that first-time buyers have benefitted from better funding conditions and the Funding for Lending scheme, reinforced by the fact that first time buyers accounted for around 42% of all house purchase lending in the last quarter of 2012, 5% above the 38% typically experienced during the same period.

If you are a first time buyer looking to make your first step on the property ladder, why not book a free one on one appointment with one of our in branch financial advisors, or call 0844 8111090 for free to speak to a member of our team who can put you in touch with one of our property experts.