House purchase lending up 33% in value on a year ago

by Aaron Strutt

Sep 08 2014

The latest figures from the Council of Mortgage Lenders (CML) on the characteristics of lending, shows that in July the market remained driven primarily by lending for house purchase rather than remortgage.

There were 30,200 first-time buyer loans in July, this is 3% more than in June, and 25% up on July 2013. By value, there was £4.6 billion of lending to first-time buyers in July and this is10% up on June and 39% higher than July last year.

Lending to home movers also grew. In July, the number of loans advanced to movers was 37,500, 15% up on the previous month and 19% on July last year. By value, lending to movers totalled £7.2 billion, 20% up on June and 31% up on July last year.

Total gross lending in July grew to £19.7 billion, which is up by 10% on the previous month (18% up on July last year), according to the Bank of England.