RECENT STATISTICS REVEAL THAT FIRST TIME BUYERS RECEIVED THE MOST MORTGAGES IN MARCH
- 18 May
According to recent statistics by the Council of Mortgage Lenders (CML), "First-time buyers received the most mortgages in March this year than any period for ten years", Inside Housing, reports.
The published sector data reveals the following:
- 31,500 loans were handed to first-time home buyers in March, up 12% from the same month in 2016; the highest March total since 2007
- First-time homeowners borrowed up to £4.9bn in March, up 9% on the same month in 2016
- Re-mortgage activity was up by 22% in March 2016
Director General of the CML, Paul Smee, said:
"Comparing this March to last year is misleading because of the peak in activity before the stamp duty changes last spring.
"Overall, lending trends have remained reasonably consistent. The relatively sluggish activity among home movers stands in contrast to the growth in first-time buyer and remortgage activity, but in aggregate the market is showing broadly the levels of activity we expected.
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