New homeowners and home movers enjoy better rates this week
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!