Mortgage lending for first-time buyers growing

13th December 2013

New figures from the Council of Mortgage Lenders show a total of 26,800 mortgages worth £3.7bn were issued to first-time buyers in the October, an increase of 16% on September, and 48% higher than October last year.

The average mortgage was £119,500, although the average income of households also reached an all-time high of £36,460. CML director-general Paul Smee said: “Increased financial optimism among the public as the economy recovers seems to be driving this upward trend and it is welcome to see that first-time buyers continue lending momentum as more look to own their first home.”

Source:   The Times  13/12/2013