Recent figures from the Council of Mortgage Lenders (CML) have revealed a rise in the number of loans being approved to first time buyers across the UK.
According to the data from the CML, lending to first time buyers increased by 38% compared to January 2013. The data highlights growing confidence in the home buying sector and confidence among lenders. This is a positive sign that the lending market is well on its way to recovery. The increase in lending could partly be due to Government schemes such as Help to Buy which has given first time buyers the opportunity to step on to the property ladder.
There was also growth in other areas as re-mortgaging activity grew by 16% compared to January 2013 and buy to let lending saw an increase of 11% when compared to December 2013.
Paul Smee, Director General of the CML, commented: "Lending to first-time buyers and home movers has continued its upward trend and this, coupled with the growth in remortgage and buy-to-let activity, would suggest that all parts of the market are open for business."