First-time buyer lending in London at highest level since 2007

First-time buyers accounted for 11,200 loans for house purchases in London in the second quarter of 2013, the largest quarterly number since the end of 2007, according to data from the Council of Mortgage Lenders. Figures from the second quarter show that first-time buyers in London make up a larger proportion of house purchase loans compared to the UK overall. In the second quarter, 56% of house purchase loans were to first-time buyers in London compared to 46% in the UK overall. Typical loan amounts have also increased, a knock-on effect of strong house price growth in the capital, up 6.9% in the second quarter compared to 2.9% for the UK overall. This results in a larger growth in the value of lending to first-time buyers. £2,490m was advanced to these borrowers in the second quarter, a 33% increase on the first quarter of 2013 and up 47% compared to the second quarter last year. August 30, 2013