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Mortgage Lending Grows

‘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

Myfanwy Neville

Partner, Property and Construction

T +44 (0)20 8922 9376
E myfanwy.neville@bkl.co.uk

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