Market improvement due to first-time buyers
A small improvement in the mortgage market in February was driven by an increase in the number of first-time buyers, newly released figures reveal. The total number of increased in February, up 8% by volume to 32,000 and 5% in value to £4.6bn, the Council of Mortgage Lenders (CML) said. First-time buyers made the largest contribution with 12,400 worth £1.4bn, a 13% increase in volume from January. However, total were down 12% year-on-year, in both value and volume, the CML added.