CML: MMR a ‘gentle dampener’
As many as 28,600 first-timers took out a mortgage in June, 7% more than May and 19% more than June 2013.
The CML expects first-time buyers to continue driving the market, while it anticipates lending levels to increase ‘modestly’ over the course of the year.
Lending to home movers increased by 4% in June compared to the previous month and 11% compared to June 2013, with loans totalling 31,900.
Loans for remortgaging increased by 1% in June, yet they still stand 8% lower than a year earlier.
Those remortgaging are taking out larger loans, as at £3.7bn the total advanced for remortgaging was 6% higher than May 2014 and a year earlier.
Buy-to-let lending also increased by 5% in June to £2.2bn, while the number of loans remained steady compared to the previous month that 15,600.