New homeowners and home movers enjoy better rates this week

written by Victoria Sheridan on August 20, 2013 in Property PR with no comments


The recent release of the Council of Mortgage Lenders’ regulatory mortgage survey has brought hope to first-time buyers. Lending to new homeowners has hit its highest level since 2007 with an astonishing 30% increase since June last year.

The second quarter of 2013 saw 68,200 new purchases, following on from the strength of first-time buyers as seen in May and June. The data released by the CML indicates that growth in the value of loans and falling interest rates have restored a renewed sense of optimism in the housing market.

New homeowners have accounted for 46% of all house purchases in June. When you compare that with 38% on average since 2007 and a 30% increase in loans advanced to first-time buyers, you can see why we’re so excited!

Furthermore, first-time buyers aren’t the only ones making the most of greater stability in the markets. Lending to home movers has continued to grow year-on-year. In June, 30,100 loans were advanced, up 6% compared to last year. Q2 totalled 83,500 loans advanced – a whopping 27% increase on Q1.

The market is really enjoying a period of glowing recovery at the moment and despite some pessimism from industry sceptics, the figures speak for themselves!