‘The number of first-time buyers being approved mortgages rose 24% in March compared to the same month last year, according to figures from the Council of Mortgage Lenders.
The total number of new loans to homeowners for buying a house increased 4% in March compared to February and was 17% higher than March 2013.
Paul Smee, director general of the CML, said: “All types of lending show positive year-on-year growth, but the rate of increase is not as frenetic as at the end of 2013.”
Andy Frankish, New Homes Director at the Mortgage Advice Bureau, said first-time buyer numbers have been spurred on by easier access to high loan-to-value lending and smaller deposit requirements. The data also shows that buy-to-let has become the fast-growing part of the mortgage market with loans to landlords rising almost 70% higher in March.’
Sources: The Daily Telegraph, The Independent
