First-time buyer numbers surge
Wales saw a 30% year-on year increase in lending to first-time buyers with 5,600 new loans being advanced whilst Scotland saw a 23% year-on-year jump with 5,900 new loans being taken out.
However the standout performer was Northern Ireland which saw a 33% uplift with a total of 1,600 loans advanced.
Brian McCormick, chair of the CML in Northern Ireland, said: “The strong upward year-on-year trend in Northern Ireland is showing growth in all borrower types.
“In particular, it is good to see affordability for first-time buyers remain at a more favourable level than the UK overall.
“Northern Ireland has very particular challenges compared to the rest of the UK so seeing increased activity over the past few quarters shows progress that will hopefully continue going forward.”
And England wasn’t left lagging with first-time buyers in Greater London taking out 11,900 loans which represents a 29% year-on-year boost.
Paul Smee, CML director general, said: “The usual seasonal dip in lending has affected London mirroring the rest of the UK but lending year-on-year shows a strong upward trend.
“First-time buyers continue to be a key driver as an increasing number realise their aspiration of owning a home.”
“We are increasingly looking at not one overall UK housing market, but many smaller regional markets with different characteristics, and Greater London has particular challenges.
“Affordability remains a crucial factor and policymakers need to be aware that any measures they implement may have different effects in different locations.”