Mortgage figures highlight first time buyer resolve

19-Jul-2007

Figures issued by the Council of Mortgage Lenders (CML) have revealed that gross mortgage lending broke new records in June, implying that first time buyers are continuing to find ways to get onto the property ladder despite harsher financial conditions.

Total lending rose from £31.4 billion in May to £34.2 billion in June, the CML advised, and predicted that growth would remain healthy moving forwards.

However, the body also sounded a note of caution, advising that lending levels could increasingly be propelled by existing homeowners looking to remortgage rather than new buyers.

Responding to the figures, the Royal Institution of Chartered Surveyors (Rics) highlighted many buyers may be looking to buy a property before lenders pass on recent rate rises.

"With less than 50 per cent of the increase in base rates over the past year being passed onto mortgage borrowers (via the effective mortgage rate) it is not surprising that mortgage lending has remained so strong during the seasonally strong summer months," senior Rics economist Oliver Gilmartin reported.

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