First-time buyers are taking advantage of cheaper mortgage deals and the number of first-time buyers entering the housing market is at its highest for five years, according to the Council of Mortgage Lenders (CML).
The number of loans given to those getting on to the housing ladder for the first time rose by 17% in February 2013, compared with a year earlier. The CML said it was the best start to a year since 2008.
In February, first-time buyers accounted for 43% of all home purchase loans.
“First-time buyers are continuing to take advantage of more favourable market conditions, helping to drive the underlying trend for resilient house purchase lending,” said Paul Smee, the CML’s director general.
“We hope that the new initiatives announced by the government in the 2013 Budget will further stimulate first-time buyer activity, but also help those ‘second steppers’ looking to move into a new or existing home,” he added.
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