FTB activity 'increased in June'

Posted: 11 Aug 2011 12:07:38 GMT

FTBs took out loans worth £2.2 billion in June, it has been shown.

Activity among first-time buyers (FTBs) in the UK increased across June, new research has found.

A study carried out by the Council of Mortgage Lenders (CML) revealed the month was witness to the greatest number of mortgages taken out by FTBs for ten months.

Over the four-week period there were 18,100 loans granted to those looking to get their first foot on the property ladder, which came to a total worth of £2.2 billion and was 29 per cent higher by value and 24 per cent steeper by volume than that recorded in May.

Paul Smee, director general of the CML - whose members account for around 94 per cent of residential mortgage lending in the UK - said the findings are a positive step, despite the obvious financial uncertainties ahead.

The industry figure added: "Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while."
 

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