Scheme boosts loans for buyers
Increased first-time buyer activity and a six per cent rise in the number of loans for house purchase have been recorded for part of 2012.
The Council For Mortgage Lenders have revealed the figures for November last year.
CML director general Paul Smee said year-on-year increases were now expected, thanks in part to the Government's Funding for Lending Scheme.
He said: "Encouraging activity in the first-time buyer sector in November contributed to an uplift in house purchase lending suggesting that the underlying trend for year-on-year increases should continue.
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"We expect the Funding for Lending Scheme to continue to encourage a downward drift in interest rates. This may prompt an increase in re-mortgage activity as borrowers seek to take advantage of lower rates."