Lloyds smashes first-time buyer targets

Sarah Davidson

July 31, 2014

In February the group pledged to support 80,000 first-timers with £10bn worth of gross mortgage lending over the whole of 2014.

Compared to the same period in 2013 gross lending to first-time buyers has increased by 55%, while there have been 36% more takers.

The group’s gross residential mortgage lending also hit £19.8bn in the first six months of 2014, a 44% increase on the £13.7bn recorded over the same period last year.

Stephen Noakes, mortgage director at Lloyds Banking Group, said: “We have made great progress in the first half of the year towards meeting our first time buyer commitments which is a key metric within our ‘helping Britain prosper plan.

“Increasing our mortgage lending by 44% on a year earlier demonstrates a strong housing market, which is supported by first-time buyers.

“We lent one in four of all new loans to UK first time buyers, which has allowed us to help 44,000 people take the first step on the housing ladder so far this year.

“Lloyds Banking Group is committed to helping Britain prosper and the progress we are reporting upon today underscores our efforts to support the UK mortgage market.”

The group has supported the first-time buyer scheme Help to Buy through Lloyds Bank, Halifax and the Bank of Scotland.

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