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Welsh first-time buyers jump 14%

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A greater number of Welsh house hunters were able to get onto the property ladder in 2014, new figures have shown.

Data from the Council of Mortgage Lenders showed the number of loans advanced to new buyers in Wales was 12,100 in the year, 14% higher than during 2013.

The value of these loans also grew, rising by a fifth to reach £1.3bn in the calendar year.

In line with the rest of the UK most other mortgage types saw growth during 2014. The number of loans granted for house purchase rose 9% to 26,200 with the value of these loans growing 15% to top the £3bn mark.

Some 14,000 loans to house movers were completed, up 4% and worth 11% more than the previous year.

However, as with the rest of the country, the remortgage market faltered. The number of loans slumped 13% to 12,800 while the volume dropped by 7% and totalled 12,800.

Overall mortgage lending in Wales accounted for 2.8% of the UK’s total, marginally down on 2013.

In the last quarter of the year first-time buyers in Wales borrowed £330m to purchase a house, this total represents 3,200 loans. Elsewhere the number of home movers loans declined quarter-on-quarter to reach 3,700, valued at around £500m.

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