First-Time Buyers taking out mortgages up by 38%

Initiatives like Help to Buy continue to allow those with small deposits to access the property market, with the number of first-time buyers taking out mortgages rising by 38% in the year up to January, according to the latest data from banks and building societies.

Initiatives like Help to Buy continue to allow those with small deposits to access the property market, with the number of first-time buyers taking out mortgages rising by 38% in the year up to January, according to the latest data from banks and building societies.

According to the Council of Mortgage Lenders, despite a seasonal dip in the number of home movers and new buyers at the start of the year, numbers still sat 30% above the same time period in 2013. 21,800 home loans were advanced to first-time buyers, reaching a total value of £3.1bn, meaning the value of these loans was 55% higher than in January 2013.

Housing Minister Kris Hopkins said: "Today's figures from the Council of Mortgage Lenders clearly show that our efforts to help aspiring home owners are working, with the numbers of first time buyers up by more than a third over the past year - which included the launch of our Help to Buy scheme."

He continued: "Thanks to Help to Buy, people looking to take a step on the property ladder can do so with a fraction of the deposit they would normally require.

"And through the range of Government schemes on offer, we've been helping over 100,000 new homeowners do just that since 2010."