The number of first-time buyers taking out loans continued to grow in December 2013, rising by 37 per cent compared with the same period of the previous year.
According to new data from the Council of Mortgage Lenders (CML), the UK property market continued on a path of growth during the latter stages of last year, as confidence about the economy grew after a prolonged downturn.
Home movers were also taking out loans during December, with this figure rising by 19 per cent compared to the same month of 2012. However, it was not all good news, as the total number of homeowner loans was down by one per cent over the festive period, but up by 27 per cent from the previous year.
Paul Smee, director-general of the CML, said there was a resurgence in the mortgage market during 2013.
“First-time buyers were an especially important factor in driving the market forward in 2013 as improved economic conditions, as well as the introduction of government schemes like Help to Buy, have given the opportunity for them to enter the market and become homeowners,” he added.
