In July, the number of loans advanced to movers was 37,500, 15% up on the previous month and 19% on July last year. By value, lending to movers totalled £7.2bn, 20% up on June and 31% up on July last year.
Remortgage lending remains muted compared with both first-time buyer and home-mover lending. The number of remortgages in July was 4% up on June but 15% down on July last year.
Total gross lending in July grew to £19.7bn up by 10% on the previous month and 18% up on July last year, according to the Bank of England.
Buy-to-let lending remains one of the faster growing lending sectors with growth of 9% over the month to £2.4bn in July, and an increase of 26% from £1.9bn in July last year.
There were 17,500 buy-to-let loans lent in July, worth £2.4bn – or 18% up by volume on the previous year.
The typical loan size for first-time buyers continued to rise to £127,500 in July, up from £123,750 in June and the highest average loan size for a first-time buyer on record.
The typical gross income of a first-time buyer household also grew to £38,900 in July compared to £37,095 in June.
Paul Smee, director general of the CML, said: “The market has shown steady growth in house purchase and buy-to-let over the past few months with general improvements in economic factors across the UK allowing for more people to enter the property market.
“There have been many factors over the past year that could have caused disruption but the market has remained resilient and lenders have shown themselves adaptable to all this change. The CML will continue working towards making sure future initiatives affecting the market, such as the European Mortgage Credit Directive, are introduced with equally minimal disturbance to borrowers and lenders.”
