More first timers buying

June saw the highest number of mortgages taken out by first-time buyers in 10 months, according to new data from the Council of Mortgage Lenders.

There were 18,100 loans to first-time buyers, worth £2.2 billion, 24 per cent higher by volume and 29 per cent higher by value than in May. June’s first-time buyer numbers were exactly the same as in last August, but 8 per cent 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 per cent in volume and value from May, but down 11 per cent by volume and 13 per cent by value on June 2010.

Commenting on the data, CML director general Paul Smee said: “Whilst there are clearly financial uncertainties ahead, it is encouraging to see more house buyers surfacing at the start of summer. Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while.”