Homemover loan applications had the highest success rate for mortgage approvals in the first quarter
Homemover loan applications registered the highest success rate for converting mortgage applications into completed deals in the first quarter, according to the Intermediary Mortgage Lenders Association (IMLA).
The IMLA data shows that 80 per cent of homemover applications resulted in an offer and the same percentage of offers led to a deal.
Read more: Nearly two out of three first-time buyers are couples
The data showed intermediaries dealt with 49 new enquiries on average. Enquiries were focussed on first-time buyers; loans to first-time buyers were already up 15 per cent year-on-year in the first quarter, as landlords seeking to buy second homes were scared from the market by the stamp duty hike that came into effect at the beginning of April.
The news comes after it emerged that the number of first-time buyers in the housing market has surged; many of them are overcoming the affordability issues by purchasing properties as couples.
Peter Williams, executive director of IMLA, said: "After a busy start to the year, this data suggests that homemovers, in particular, have taken advantage of strong competition between lenders and a fast expanding range of competitive products.
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"The first-time buyer market typically picks up face in the second quarter, although April's stamp duty reforms have clearly disrupted normal patterns and will have a lingering effect on the supply of property.
"Credit conditions are just one of the many factors impacting first-time buyers' journey from enquiry to completion, and the EU referendum adds another unknown into the mist for the second quarter which won't go unnoticed in terms of intermediary confidence and consumer behaviour."