The Council of Mortgage Lenders (CML) has reported that lending in the third quarter of 2015 saw the number of loans, and amount borrowed by first-time buyers, increase in Q3, compared to both Q2 and Q3 2014.

Buy-to-let also saw large quarter-on-quarter and year-on-year increases by number of loans and amount borrowed.  

Paul Smee, director general at the CML, commented: “The market was a slow starter this year, but this quarter shows it is now firmly on an upward trajectory. With competitive rates and high levels of product choice currently available, alongside generally improving economic conditions, we expect this to continue as we head into the New Year. 

“Buy-to-let continues its growth this period, but at 18% of new lending in September remains the fourth largest lending type behind first-time buyers, home movers and re-mortgage. There were five times as many house purchase loans to home-owners as buy-to-let landlords in September, and the growth in buy-to-let lending largely continues to reflect its more belated recovery from recession.”