First-time buyer lending was up by 25 per cent in June in a like-for-like comparison with last year, report the Council of Mortgage Lenders (CML).
In total, first-time buyers borrowed around £5.5 billion across the board in June, equivilent to 34,400 new loans.
Current home-owners borrowed around £12.3 billion during the same period, totalling a staggering 68,200 loans, up 12 per cent from the previous year.
In light of the figures, Paul Smee, director general of the CML, remains optimistic that the post-Brexit mortgage market will continue to thrive.
“These figures reveal growth in house purchase activity and in particular for first-time buyers. As ever, there is uncertainty and it will take more time and patience to understand how the market will evolve in the current environment – these figures predominantly cover activity in the run-up to the referendum. We still believe that the mortgage market is well capitalised, resilient and open for business, and will remain so for the foreseeable future”, he said.
Home movers had borrowed approximately £6.9 billion in June, up just five per cent and equalling around 33,900 new loans.
Up six per cent from last June, re-mortgage activity had amounted to around £5.6 billion.
Mr Smee said: “First-time buyers are continuing to drive house purchase lending, outperforming home movers for the third month running. More loans were advanced to them in June than at any time since August 2007. Buy-to-let house purchase activity remains lower than before the stamp duty changes at the beginning of April, but showed a large month-on-month increase. As might be expected, buy-to-let re-mortgage seems to have been less affected by the changes and remains consistent with lending last year.”