June saw the highest number of mortgages taken out by first-time buyers since August 2010, according to new data from the Council of Mortgage Lenders (CML).
There were 18,100 loans to first-time buyers, worth £2.2 billion, 24% higher by volume and 29% higher by value than in May. June’s first-time buyer numbers were exactly the same as in last August, but 8% lower by volume and value than in June 2010.
Home movers took out 28,600 loans, worth £4.6 billion, in June – up from 23,800, worth £3.7 billion in May, but down from 32,800 loans, worth £5.3 billion, in June 2010.
Overall, there were 46,700 loans for house purchase, worth £6.7 billion, in June, up 22% in volume and value from May, but down 11% by volume and 13% by value on June 2010.
Remortgaging was unchanged in June, totalling 30,700 loans worth £3.8 billion. Unlike lending for house purchase, however, remortgaging was up 10% by volume and 9% by value on June 2010.
Lending for house purchase increased in the second quarter. Between April and June, there were 122,000 loans for house purchase, worth £17.6 billion, up from 97,200, worth £14.1 billion, in the first quarter. But lending for house purchase was lower than in the second quarter last year, when there were 138,300 loans, worth £20 billion.
Between April and June, lenders advanced 87,600 remortgaging loans, worth £10.8 billion, down from 92,700, worth £11.2 billion, in the first quarter, but up from 78,400, worth £9.8 billion, in the second quarter of 2010.
CML director general Paul Smee said: “Whilst there are clearly financial uncertainties ahead