Homebuyer loans hit two-year peak

The number of homebuyer loans agreed in October was the highest since December 2007, new figures have indicated.

Data for the month from the Council of Mortgage Lenders (CML) showed that 55,300 such deals were agreed, nine per cent more than September and 43 per cent up on a year previously.

First-time buyers shared in this improvement, with 34 per cent more mortgages being granted than 12 months before.

In contrast, remortgaging dipped again, being two per cent down on September, leading CML director-general Michael Coogan to state that there is presently a “two-speed mortgage market” in operation.

National Association of Estate Agents (NAEA) chief executive Peter Bolton King hailed the news as a “sure sign” that the market was improving.

However, he said members were “anxious” about what would happen to the first-time buyer segment in the new year now the stamp duty holiday is due to end on December 31st.

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