First-time buyers, Brexit, savers and motor insurance

First-time buyer lending was up 25 per cent in June compared to a year ago, the Council of Mortgage Lenders said this morning. According to the industry trade body, first-time buyers borrowed £5.5 billion, up 28 per cent on May. This equated to 34,300 loans. Overall, homeowners borrowed £12.3 billion for house purchases in June, up 29 per cent month-on-month and 12 per cent year-on-year. They took out 68,200 loans. Paul Smee, director general of the CML, said: ‘These figures reveal growth in house purchase activity and in particular for first-time buyers. As ever, there is uncertainty and it will take more time and patience to understand how the market will evolve in the current environment – these figures predominantly cover activity in the run-up to the referendum. We still believe that the mortgage market is well capitalised, resilient and open for business, and will remain so for the foreseeable future.’ Brexit

The cost to the UK of leaving the European Union without negotiating a replacement trade deal has been highlighted in a new report.