LOANS to first-time buyers in There were 7,500 first-time buyer loans issued in the three months to the end of June, on a par with the first quarter of 2007, and up 23 per cent on the same period last year.
The total amount borrowed by those purchasing their first home was pound(s)790 million, a rise of 32 per cent year-on-year, tying in with increases in house prices.
Figures compiled by the
The average income of a first-time buyer in
The growth in first-time buyers has been cited as a key factor behind increasing property prices. The average cost of a house in
A total of 24,351 sales were registered across
The Help To Buy scheme has also been a major factor in attracting a large number of young people into the property market for the first time. However, demand for the financial assistance packages, where the Government lends money to help first-time buyers with low deposits buy a new-build home, was reportedly so high the scheme had nearly run out of cash by last month.
"This has significantly impacted sales, removing the confidence and certainty builders need to invest in much needed housing development."
The report also showed a sharp rise in loans to home-movers climbing up the property ladder.
There were 8,600 loans made to homeowners who were selling up and buying another property in the second quarter of 2014, an increase of 12 per cent year-on-year.
The value of home-mover lending was pound(s)1.2 billion, up 18 per cent on the same period in 2013. Homemovers in
LOANS to first-time buyers in
There were 7,500 first-time buyer loans issued in the three months to the end of June, on a par with the first quarter of 2007, and up 23 per cent on the same period last year.