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First-time buyer mortgages hit 10 month high in June

By Jonathan Dawes, Wed 10 Aug 2011 - Published in Mortgages

The number of mortgages issued to first-time buyers in June was the highest it has been in ten months, according to the Council of Mortgage Lenders (CML).

Its latest figures revealed that 18,100 loans were approved during the period, worth £2.2 billion.

This was almost 25 per cent higher by volume and nearly a third up on value when compared to the amount of mortgages issued in May.

Paul Smee, director general of the CML, said: "Whilst there are clearly financial uncertainties ahead, it is encouraging to see more house buyers surfacing at the start of summer."

He added that increases in Bank of England approvals figures could mean that these encouraging numbers may continue for a while.

However, Halifax recently revealed that despite over three-quarters of non-homeowning Brits wanting to buy a property in the future, only 14 per cent of them are saving to achieve this ambition and only a third have realistic plans to purchase a dwelling in the next five years.