Increase in First-Time Buyers Welcomed by the Society

17 February 2014

The Society is encouraged by recent figures released by the Council of Mortgage Lenders (CML) that highlight a strengthening in the mortgage market which has been led by first-time buyers.

According to their report*, which was released on 12th February 2014, lending to first-time buyers has proven to be a significant catalyst in the resurgent mortgage market, with a dramatic increase of 23% on the previous year.

The report comes shortly after the Society’s launch of its Help to Buy – Wales mortgage products which aim to provide an affordable solution to home ownership for new build home buyers, many of whom will be setting foot on the property ladder for the first time. As well as our commitment to the Welsh Help to Buy scheme, the Society introduced, and has maintained, a range of competitive low deposit mortgages which offer up to 95% loan to value. In addition, the Society provides a First Home Bonus Saver account, specifically designed for customers saving to purchase their first home in the next few years.

Commenting on the data, CML Director General Paul Smee said, "There has been a resurgence in the mortgage market with year-on-year growth for all types of borrower. First-time buyers were an especially important factor in driving the market forward in 2013 as improved economic conditions, as well as the introduction of government schemes like Help to Buy, have given the opportunity for them to enter the market and become home-owners."

The Society’s Chief Executive Andrew Lewis commented, “We are encouraged by the findings of the report from the Council of Mortgage Lenders and the clear signal of a renewed confidence in the mortgage market. The results are particularly important since they clearly show the importance of first-time buyers in the housing market chain.”

He continued, “Providing a strong boost to the aspirations of first-time buyers is a vital part of the business ethos of the Society, and we were among the first to introduce a range of 95% mortgage products aimed at first-time buyers in order to support the local community and help kick-start the local housing market once again.”


* Source: https://www.cml.org.uk/cml/media/press/3816

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