The Department holds data on completed mortgages used for house purchase via the Regulated Mortgage Survey (RMS) which is supplied by the Council of Mortgage Lenders. The RMS covers about 60 per cent. of the UK mortgage market and includes details on whether the mortgage was used to purchase a new build property, whether the buyer was a first-time buyer and the loan amount and the purchase price of the property.
From this survey we have the following information on the amount of mortgage lending which has funded mortgages for house purchase (a) for new build, (b) for first-time buyers and (c) with high loan to value ratios in the (i) six months to February 2009 and (ii) the 12 months to February 2009:
Six months to February 2009 (Percentage) 12 months to February 2009 (Percentage) New build 6.8 7.3 First-time buyers 30.0 30.0 High loan to value ratios (90 per cent. or over) 17.1 24.0 Total gross mortgage lending for house purchase (£ million) 25,624 67,841 Notes: 1. These data are not necessarily representative of all mortgage lending as they are based on the Regulated Mortgage Survey data that Communities and Local Government hold which include only mortgages for house purchase and cover only about 60 per cent. of the market. 2. The total gross mortgage lending for house purchase is published by the Council of Mortgage Lenders.