Peter Rollings' response to the latest CML lending figures
Tue 12 Feb 2013
"The Funding for Lending scheme has rekindled the mortgage market, and the freeze on lending is starting to thaw. But the the most crucial development towards returning to a healthier level of house sales is that it is fanning the flames of the first-time buyer market. Not only have rates plummeted, but an increasing number of new buyers are able to access cheaper finance at higher LTVs. Nearly one fifth more first time buyers were able to get onto the property ladder in December compared to two years ago and if this trend persists, it will help unfreeze property chains, allowing moves higher up the market. Lenders seem to have a renewed confidence in the housing market, and if they continue to increase their commitment, 2013 will be a real year of progress for prospective home buyers."