24 percent increase in first time home buyers
Latest information on UK lending in March 2014 reveals that the number of first time home buyers has increased by 24% from last year. New loans given to homeowners have also increased by 17% from March 2013, and by 4% from February this year. Home mover loans also revealed an increase by 11% this March, as compared to the previous year. The survey found that home movers took out 79,000 loans in the first quarter of 2014. This is a 20% increase compared to the same period in 2013. However, if you compare it to the previous quarter, home mover loans have come down by 19%.
Remortgaging loans taken by homeowners increased by 2% from February to March 2014. It also shows a 5% increase as compared to March 2013. Remortgage lending has fallen by 6% in the first quarter of 2014 as against the fourth quarter 2013. Compared to the first quarter of 2013, lending has shown an increase by 14% in Q1 of 2014.
Gross buy-to-let loans advanced was up by 56% than March last year, and by 10% from February to March 2014. It also shows a 46% increase in volume compared to the first quarter of 2013.
The survey was conducted by the Council of Mortgage Lenders. First time home buyers, remortgagors, home movers, and people using the buy-to-let scheme where included in the survey.
According to the Bank of England, UK mortgage lending was at £15.3 billion in March 2014. The figure shows a 4% increase compared to the previous month, and a 32% increase from March 2013.
If you are a first time home buyer in need of assistance, please contact our friendly team of lawyers.