A record number of mortgages (25,200) were completed by first-time house-buyers in the UK in February 2018. This is 2.4 per cent increase over the corresponding period last year.
According to UK Finance, which released the mortgage data, this is the highest level of approvals for first-time buyers for the month of February in the last one decade.
The £4bn of new lending to first-time buyers in February was 2.6 per cent more year-on-year. The average first-time buyer age is 30 with a gross household income of £41,000 in the UK.
UK Finance is a trade association, which represents the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The data provided by UK Finance reflects the residential property market trends.
The increase in the number of mortgage approvals of first-time buyers could be attributed to the government’s decision to provide them with stamp duty relief for house purchases up to £3,000.
There are several residential schemes aimed particularly at first-time buyers in London with attractive investment options. For instance, Strawberry Star’s scheme Greenview Court in West London is an ideal property for first-time buyers considering its location and connectivity. Schemes meant for first-time buyers are in the pipe-line in London.
Jackie Bennett, Director of Mortgages at UK Finance, commented: “Homebuyers have shaken off the winter blues, with house purchases by first-time buyers and home movers reaching their highest levels for February in over a decade."