Mortgage lending in the third quarter of 2013 was at the highest quarterly level since 2007, the Council of Mortgage Lenders has said.
According to the latest figures, total home-owner house purchase lending in September was down 14% on August but up year-on-year by 21%.
First-time buyers took out 23,600 loans in September which was a 34% increase compared to September last year.
First-time buyer lending was also up 16% on the second quarter of 2013 and 34% up on Q3 from 2012.
Home movers lending decreased by 16% in volume compared to August but was up 18% compared to last year.
Third quarter lending for home movers was up 21% on the second quarter of 2013.
Home-owner remortgages in September were up 20% compared to August and up 11% in the third quarter compared to the second quarter of 2013.
Total buy-to-let loans advanced increased slightly to 14,600 loans in September, up 0.7% compared to August. Buy-to-let overall in quarter three of 2013 grew compared to the second quarter and the same period last year.
Paul Smee, director general of the CML, said: “The typical seasonal fall in lending in September was expected but we are seeing appreciable year-on-year and quarterly lending rises that suggests the market is continuing its recovery.
“First-time buyers were a key driver in the first half of 2013 but now home movers and remortgages are showing renewed strength which puts the market in a good position to continue momentum into the final few months of 2013 and the New Year.”
If you are buying or selling a home contact the CQS- accredited property team at PM Law on 0114 2965444.