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.
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%.