Call us today on 0141 552 9193
GLP News

News, Comment & Opinions on the latest legal stories

Glasgow Law Practice White

Practice made perfect

Rise in number of first-time buyers

Both house purchase and remortgage lending fell in January, according to new data released from the Council of Mortgage Lenders.

Around 35,600 loans (worth £5.3 billion) were taken out for house purchase in January. This is a rise of 22% by volume and 23% by value from a year ago, but a fall of 25% by volume and 24% by value on December 2011. This reflects the normal seasonal pattern where cold weather, lack of daylight and post-Christmas cash flow problems in January are likely to deter buyers from moving house.

The number of both first-time buyers and home movers in January increased from the year before but fell from December. The number and value of first-time buyer mortgages fell 30% from December but rose by 23% from January 2011.

Home mover numbers fell from 28,900 (worth £4.7 billion) in December to 22,400 (worth £3.6 billion) in January. Like first-time buyers, there was a significant increase in numbers from the previous January, when 18,600 home movers took out loans worth £3.1 billion.