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Growth in first-time buyer activity

New figures from the Council of Mortgage Lenders have shown that first-time buyer activity helped sustain lending for house purchase in June.

Lending to first-time buyers in June reached its highest level since July 2010 – with the exception of March this year, when first-time buyer activity was boosted by the stamp duty concession.

First-time buyer purchases helped deliver an increase in lending for house-buying, but a contraction in remortgaging led to a decline in lending overall. Gross lending totalled £11.7 billion in June, 6% lower than May’s total of £12.5 billion and 7% lower than in last June.

Commenting on the data, CML director general Paul Smee said:

“Lending figures have see-sawed in the first half of the year, and we may see more fluctuations in the coming months as the effects of the Olympics and other special events in the UK this year are reflected in our lending numbers. Within that broader context, first-time buyer activity is showing some signs of resilience as we move away from the obvious effects of the stamp duty concession, a trend that it would be good to see maintained.”