March saw the number of FTBs in the UK increase by 20%.
- 19,100 mortgages were given to FTBs in March 2013
- This is an increase of 20% from February
- 50,900 loans were advanced to FTBs in Q1 2013
The number of first-time buyers (FTBs) entering the UK property market in March 2013 rose by 20%.
This is according to the Council of Mortgage Lenders (CML), which stated this boost in FTBs and subsequent homemover activity resulted in a rise in mortgage lending.
March saw 19,100 loans given to FTBs, which is a large increase from the 15,900 lent out in February.
It is still lower than the number of mortgages advanced in March 2012; however, last March was the last month of the FTB stamp duty holiday and lots of potential homeowners entered the market to take advantage of this.
Despite this, 50,900 loans were given to FTBs in the first three months of 2013, which is only marginally lower than the figure advanced during Q1 of last year (51,200).
CML Director General Paul Smee noted that there was just a small decline in FTB figures for this three-month period in 2013, stating: “This suggests that the market continues to be favourable for those looking to buy their first home.”
Last month, CML reported that the number of FTBs in the UK climbed by 3% in February, which, while being significantly lower than March’s rise, was the best start to a year since 2008.
It also revealed that activity among this group of homebuyers was 17% stronger than in February 2012.