During the first five months of 2013 lending to first time buyers has increased by a generous 50% against the same period in 2012. The data has been collected from members of the Building Societies Association (BSA). Lending to first time buyers is high priority for building societies and other lenders. The data revealed that more than 32,000 buyers have signed up to their first mortgage so far this year taking their first steps onto the property ladder. This is great news for the property market and indicates the recovery is well on its way.
The Telegraph reports that there is also an increase in the number of mortgages lent to first time buyers with a 10% deposit or less. In the first five months of this year almost 9,000 mortgages were arranged by building societies in comparison to 3,400 in the same period of 2012.
Paul Broadhead, Head of Mortgage Policy at the BSA, said: "Building societies and other mutual lenders continue to play a dominant role in supporting members of the UK public looking to buy a new home."