Number of first-time buyers reaches its highest level since June 2017

by Aaron Strutt

Oct 18 2018

The number of mortgages taken by first-time buyers is at the highest level since June 2017 according to data from UK Finance.

There were 35,500 new first-time buyer mortgages completed in August, some 2 per cent more than in the same month a year earlier.

The £6.1bn of new lending in the month was 5.2 per cent more year-on-year.  The average first-time buyer is 30 and has a gross household income of £42,000.

Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said: “Overall house purchase completions remain stable, driven largely by the number of first-time buyers which reached its highest monthly level since June 2017.

“Buy-to-let remortgaging saw relatively strong growth in August, due in part to the number of two-year fixed deals coming to an end. This suggests that while new purchases in the buy-to-let market continue to be impacted by recent tax and regulatory changes, many existing landlords remain committed to the market.”

Call Trinity Financial on 020 7016 0790 to secure a first-time buyer mortgage