The number of mortgages lent to first-time buyers increased by seven per cent over the course of February, the latest figures from the Council of Mortgage Lenders (CML) show.
Overall lending was up by four per cent when compared to the previous month, the statistics reveal. However, while this has been taken as an indication that confidence is returning to the UK property market, experts have stressed that there is still a long way to go before it has fully recovered.
"We are not convinced that underlying trends have shifted sufficiently to change our forecasts for mortgage market activity in 2009, but there are some positive signs for later in the year," CML director general Michael Coogan explained.
"Some large banks are making more funding available through enhanced lending commitments, which is helpful but will not satisfy consumer borrowing demand on its own."
Meanwhile, though the new CML report reveals that first-time buyers were required to put down average deposits of 25 per cent in January, HSBC has announced that it is to make a further £1 billion available for new mortgages, including for products of up to 90 per cent loan to value.
See Also: Property News (6705)
Date Published: 14 April 2009
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