First-time buyers borrowed more in 2016 than any other year since the data was recorded in 1974, lenders say.
Figures from the Council of Mortgage Lenders show that first-time buyers borrowed £53.2bn in 2016, up 13% year-on-year and amounting to 8% more loans at 338,900.
Buy-to-let lending was up 3% across the year by number of loans and grew 7% by value, with re-mortgaging making up two thirds of the total.
Paul Smee, director general of the CML, said: “2016 could have been a potentially destabilising year of regulatory and political change, but the mortgage market has been resilient and adaptable."
Responding to the figures, Nick Leeming, chairman of Jackson-Stops & Staff, said: “Mortgage lending data from the CML for home purchasers and first-time buyers remained strong overall, showing that we continue to be a nation of aspiring home owners, despite the dearth of available properties.”
Reference: Shoffman, M. 2017. First-time buyer mortgage lending hits a record high in 2016, Property Eye Industry.