News

Recent figures from the Council of Mortgage Lenders (CML) have revealed a rise in the number of loans being approved to first time buyers across the UK.

According to the data from the CML, lending to first time buyers increased by 38% compared to January 2013. The data highlights growing confidence in the home buying sector and confidence among lenders. This is a positive sign that the lending market is well on its way to recovery. The increase in lending could partly be due to Government schemes such as Help to Buy which has given first time buyers the opportunity to step on to the property ladder. 

There was also growth in other areas as re-mortgaging activity grew by 16% compared to January 2013 and buy to let lending saw an increase of 11% when compared to December 2013.

Paul Smee, Director General of the CML, commented: "Lending to first-time buyers and home movers has continued its upward trend and this, coupled with the growth in remortgage and buy-to-let activity, would suggest that all parts of the market are open for business."  

Figures published by the Department for Communities and Local Government have revealed that government schemes have helped more than 100,000 home buyers since 2010.

Schemes such as, Help to Buy and Right to Buy have played an important part in driving up the number of people that have been assisted in purchasing or reserving their own home.

The figures have shown that 24,000 social housing tenants have taken up the right to purchase their council house and a further 41,000 people have been given the chance to step onto the property ladder through affordable schemes such as shared ownership.

The Help to Buy scheme has proved to be the most popular with 48,000 people receiving assistance in funding the purchase of a property. The majority of this group are first time buyers.

Housing Minister Kris Hopkins commented: "Our strong support for home ownership is not merely an economic calculation, it's because we believe in aspiration.”

Figures published by the Department for Communities and Local Government have revealed that government schemes have helped more than 100,000 home buyers since 2010.

Schemes such as, Help to Buy and Right to Buy have played an important part in driving up the number of people that have been assisted in purchasing or reserving their own home.

The figures have shown that 24,000 social housing tenants have taken up the right to purchase their council house and a further 41,000 people have been given the chance to step onto the property ladder through affordable schemes such as shared ownership.

The Help to Buy scheme has proved to be the most popular with 48,000 people receiving assistance in funding the purchase of a property. The majority of this group are first time buyers.

Housing Minister Kris Hopkins commented: "Our strong support for home ownership is not merely an economic calculation, it's because we believe in aspiration.”

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