Mortgage lending picked up last year led by a big rise in first-time buyers, according to the Council of Mortgage Lenders (CML). It is interesting to see that the amount of completed transactions are on the rise, as confidence returns to the marketplace – while it is still very early days to talk about a comprehensive market recovery, activity levels are still encouraging and there is some optimism out there that things could continue to improve.
The Funding for Lending scheme is making more money available at cheaper rates to lenders, which is being passed onto borrowers, resulting in some of the cheapest mortgage rates ever seen.
For 2012 as a whole, the number of loans for all house buyers rose by 6% to 540,200, the highest annual figure since 2007, the latest figures chime closely with other recent statistics pointing to a revival in the property market.
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