First-time buyers (FTBs) in the UK enjoyed an upturn in mortgage activity during October, new figures have shown.
Data released by the Council of Mortgage Lenders (CML) revealed the number of loans advanced to this group in the month picked up following a slow September, bringing the amount back to the level seen across the summer.
It was also shown that lending to home movers was upped in October, which played a part in house purchase lending rising significantly.
During the month, a total of 20,000 loans were advanced to FTBs, representing a jump of 14 per cent compared to the previous month and a 19 per cent leap on the figure recorded for the same month in 2011.
Worth £2.5 billion, loans to FTBs in October represented a climb on the £2.2 billion value seen in September and the £2.1 billion advanced at the same time last year.
Paul Smee, director-general of the CML – whose membership is comprised of banks, building societies and other lenders – said: “More positive figures in October, after a slow September, suggest that the underlying trend in house purchase lending of modest year-on-year growth will continue.”
