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23% increase in first-time buyers in January 2021

By Daniel Culpan

14 March2021

The number of first-time buyers and home movers increased by 23% in January 2021 compared with the same time last year, according to new data from the Council of Mortgage Lenders (CML).

Although the number and value of first-time buyer mortgages decreased by 30% from December 2011, they showed a 23% increase from January 2011.

The number of home movers fell from 28,900 (worth 4.7 billion) in December 2011 to 22,400 (worth 3.6 billion) in January this year. However, as with first-time buyers, there was a significant rise in mortgage numbers compared with January 2011 - when 18,600 home movers took out home loans worth 3.1 billion.

Looking more broadly, this January saw a fall in both the number and value of loans taken out for remortgage: 26,000 remortgage loans (worth 3.5 billion) were taken out, down from 28,200 (worth 3.6 billion) in December 2011. Moreover, remortgage lending saw its first year-on-year fall since the end of 2010, with a 13% fall in the number of loans, and a 5% drop in the value of loans, compared with January 2011.

Director General of the CML, Paul Smee, commented: "We traditionally see a substantial fall in lending figures at the start of the year, reflecting the lack of enthusiasm by buyers to move house during the post-Christmas months, and this January has been no exception. But the year-on-year rise in house purchase lending suggests that lending levels are generally rising - although we expect the trajectory to be bumpy rather than smooth this year."

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Tags: mortgages, Council of Mortgage Lenders, CML, first time buyers, remortgage

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