It’s positive that lending to first time buyers has continued to increase throughout 2017 comments Richard Sexton
Comment from Richard Sexton, director at e.surv, following the latest CML monthly lending figures.
“It’s positive that lending to first time buyers has continued to increase throughout 2017. We’re seeing similar trends in our Mortgage Monitor data and believe this is largely due to record low mortgage rates on offer as well as the increased support of government and lender schemes helping to get more buyers onto the ladder.
“The rise in remortgaging and first time buyer activity is a great step in the right direction, however it is clear there is not enough movement in the mid-market. This is causing a bottleneck of housing supply and in turn, is pushing up prices to historical highs. Confidence in the market and more favourable economic conditions should bring more fluidity to the market. As more existing homeowners climb the property ladder, they will eventually free up affordable property for those looking to get onto the first rung.”