Number of new mortgages continues to grow
The Council of Mortgage Lenders (CML) has released figures showing that lending to first-time buyers hit at a seven-year high in June this year.
According to new data, there were 28,600 first-time buyer loans in June – an increase of 7% on May, and 19% on the same month in 2013. The number of mortgage loans to home movers also increased to 31,900, a yearly growth of 11%.
A further breakdown of the figures for first-time buyers shows that they are typically borrowing 3.47 times their gross income up from 3.46 times in May. The average gross income of a first-time buyer household was £37,000 in June, with a mortgage loan of £123,865.
The average age of these first-time buyers fell from 30 to 29. The overall amount borrowed in June reached £4.2 billion, up from £3.8 billion on May. CML figures show that total mortgage loans currently in the UK are amount to over £1.2 trillion.
The full report can be viewed here.