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First-time buyers buck usual seasonal dip in February


Published: 16 April 2014 | Author: Bernard Clarke

Despite the expected seasonal dip during this time of the year, there were more first-time buyers in February than any previous February since 2007. The overall number of mortgage loans for house purchase was also at its highest February level since 2007.

16.04.2014 News & Views lending infographic article 3

Our recent comprehensive breakdown of UK lending data showed:

  • The total number of loans advanced to home-owners for house purchase remained practically unchanged in February compared to January but increased 33% compared to February 2013.
  • First-time buyers took out 22,200 loans in total in February, a modest rise in volume compared to January but up 41% compared to February 2013.
  • Home movers took out a total of 26,200 loans for house purchase, down 2.2% compared to January but up 27% compared to February last year.
  • The total number of loans taken out by home-owners for remortgage fell by 15% compared to January but still had a strong year-on-year increase - up by 17% compared to February 2013.
  • The number of gross buy-to-let loans advanced decreased in February to 14,300 compared to 15,700 in January - but showed a strong year-on-year increase of 46% compared to February 2013. 

While some types of lending showed a monthly seasonal dip, all grew year-on-year compared to the relatively flat period in February 2013. By value, house purchase loans totalled £7.8bn, similar to January levels but a substantial increase of 47% compared to February 2013. Remortgage and buy-to-let figures totalled £3.5bn and £1.9bn respectively, seeing similar year-on-year rises in value of 30% and 46%.