Figures from UK Finance, which includes Council of Mortgage Lenders, show that in the third quarter last year home buyers borrowed £6.74 billion for house purchases, up 10 per cent quarter-on-quarter and 13 per cent year-on-year.
They took out 19,600 loans, up nine per cent compared to the previous quarter and six per cent on the third quarter of 2016. First-time buyers borrowed £3.31 billion, up seven per cent on the second quarter and nine per cent on the third quarter of last year.
This equated to 11,200 loans, up six per cent quarter-on-quarter and three per cent year-on-year. The number of people remortgaging was also up – 15 per cent higher than the previous three months £4.49 billion, probably because borrowers anticipated the interest-rate rise that happened in November.