As many as 10,700 new first-time house buyers and 7,700 new home movers in London took mortgage during the last quarter of 2017, according to latest data from UK finance.
The first-time buyer mortgages completed in the capital during the last three months of 2017 was equivalent to the corresponding period in 2016. The £3.05bn of new lending was 2.7 per cent more year-on-year. The average age of a first-time buyer in the capital was 32 years with an income of £66,000.
Likewise, the new home mover mortgages completed in London between Oct-Dec 2017 was 8.5 per cent more than in the last quarter of 2016. The £3.07bn of new lending in the quarter was 12.5 per cent more year-on-year. The average age of a home mover in the capital was 37 years with an income of £89,000.
Incidentally, there were 56,800 homeowner remortgages in London in 2017, the highest annual figure in eight years, data from UK Finance showed.
UK Finance is a new trade association, which represents the finance and banking industry operating in the UK. With around 300 firms in the UK providing credit, banking, markets and payment-related services, as part of the organisation, the data provided by UK Finance reflects the status of the London property market.
London’s mortgage market remains competitive, with strong growth in the number of home movers and remortgaging reaching an eight-year high - UK Finance