Mortgage News
First-time buyers prop up fall in lending – BoE
Residential lending slipped 2.6% in the final three months of 2016 compared to Q3, according to the Bank of England.
Lending also dipped 0.4% when compared to the same period last year.
However, the share of first-time buyers (22%) reached its highest level since 2007.
The bank noted that this coincided with the increase in high loan to value (LTV) lending, but was still significantly lower than the pre-crisis level.
Overall, UK borrowers owed £17.2bn on residential property loans at the end of 2016, down 1.3% from the end of September – again the lowest figure since 2007.
