First-time London homebuyers up 33%

[LONDON] The number of first-time London homebuyers climbed 33 per cent in the fourth quarter compared with a year earlier as a recovering economy and government assistance boosted mortgage lending.

Home-loan borrowers rose to 13,400 from 10,100 a year earlier, the Council of Mortgage Lenders said yesterday. Total mortgages increased by almost 50 per cent in value to £3 billion (S$6.33 billion) compared with a year ago.

Prime Minister David Cameron's efforts to stimulate the economy through the housing market are bearing fruit as buyers take up the government's offer to provide equity loans of up to 20 per cent of a home's value. Mortgages totalling almost £1 billion have been sought under Help to Buy, the prime minister's office said last month.