First-time house buyers continue to form a significant size of home-buyers in the UK; 31,700 loans were awarded to first time-buyers in October this year.
According to latest data released by UK Finance, first-time buyers borrowed £5.1 billion, up 2 per cent on the previous month and 13.3 per cent higher than in October 2016.
UK Finance is a new trade association, which represents the finance and banking industry operating in the UK, and its data reflect the activity in the housing market. First-time buyers are climbing the property ladder with the assistance of their parents for deposits. The number of loans awarded to them shows that the demand for housing has remained stable.
The buy-to-let mortgage lending activity also remained normal, as more number of house-buyers acquired houses for rental income. Gross buy-to-let lending for house purchasers totalled £900 million, unchanged on September 2017 and October 2016. It equated to 6,600 mortgages, indicating that buy-to-let houses are still considered as promising investment option.
In fact, this is the most appropriate time for first-time buyers to acquire houses in London, especially after the government’s decision to abolish stamp duty for purchases of residential properties priced up to £300,000. A partial discount on SDLT is applicable for properties priced between £300,000 and £500,000 for first-time buyers.
For first-time buyers, who are interested in buying an apartment, Strawberry Star presents Greenview Court, an ideal destination in West London. Call any of our London offices to understand more about the scheme.
First-time buyers borrowed £5.1 billion, up two per cent on the previous month and 13.3 per cent higher than in October 2016