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CML highlights increase in mortgages to first time buyers in Wales

02-Dec-2013

The Welsh housing market has seen a particularly strong recovery, according to new research which revealed that there has been an increasing number of first time buyers purchasing homes.

New figures published by the Council of Mortgage Lenders (CML) have revealed that there has been a 38 per cent increase in first time buyer mortgages in the third quarter of this year compared to the same period last year.

CML data also showed that the number of first time buyers obtaining mortgages in Wales has increased to its highest level in six years.

There were also strong overall lending levels for house purchase, which is at its highest quarterly level since 2009.

The number of loans given increased from 2,600 in the second quarter to 2,900 between July and September, while it was just 2,200 in the third quarter last year.

It was also shown that the value of mortgage applications went up and totalled £290 million this year, a 12 per cent increase on the second quarter and 38 per cent on the same period last year. 

The average value of mortgages rose to £94,500 in the third quarter of this year compared to £93,475 in the second quarter.

However, while the number and size of home loans have risen for first time buyers, the deposits required to get onto the ladder have remained largely constant.

CML figures show that the typical deposit of first-time buyers in Wales remains at 15 per cent, something that has not changed since the third quarter of 2011.

Peter Hughes, chairman of CML Wales, said: "The positive growth for first time buyers in Wales suggests the market conditions are improving for them. The upward trend in remortgages after a period of subdued activity and the increase in home movers shows increasing confidence, which is encouraging as we head towards the end of the year."
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