Mortgage activity up in 2017 due to first-time buyers
Mortgage activity rose in 2017 due to heightened first-time buyer activity, UK Finance data has found.
It estimated gross mortgage lending in October was £23.1b, 9% higher than a year earlier, with 60% of all new lending provided by high street banks.
Eric Leenders, managing director of Commercial and Personal Finance, said: “Data reflects a continuing trend that we have seen throughout 2017: ongoing activity in the mortgage market and a shift towards more flexible and affordable personal credit options.
“Increasing numbers of first-time buyers, low interest rates and a competitive marketplace have helped build up mortgage activity through the year, with gross lending standing at nine per cent higher than at the same point in 2016.”