24 percent increase in first-time home buyer numbers
Latest information on UK lending in March 2014 reveals that the number of first-time homebuyers 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 homebuyers, 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.