The first-time buyer market in the UK remained stable with 34,900 mortgages completed in June 2018, according to latest data from UK Finance.
In June, first-time house buyers accounted for £5.8bn of new lending. The statistics revealed that the average age of a first-time buyer was 30 with a gross household income of £42,000. More first-time buyers in the age group of 30-34 years are now buying their first home in the UK.
UK Finance is a trade association to represent the finance and banking industry operating in the UK. It represents around 250 firms in the UK providing credit, banking, markets and payment-related service. The data provided by UK Finance reflects the housing trends involving first-time buyers. The number of first-time buyers has reached a new high, as more people are climbing on to the property ladder.
The home mover market also remained resilient in June. There were 33,700 new home mover mortgages completed in the month, some 7.9 per cent fewer than in the same month a year earlier. They accounted for £7.3bn of new lending in the month. The average age of a home mover was 39 with a gross household income of £56,000.
Taking into consideration the demand for first-time buyer homes, Strawberry Star is shortly launching a new residential-led mixed-use development LU2ON in Luton, London’s top commuter belt. With King’s Cross St. Pancras station just 23 minutes from the development, LU2ON is an ideal destination for first-time buyers.
Jackie Bennett, Director of Mortgages at UK Finance said: "Remortgaging continued to dominate in June with borrowing figures up 13 per cent on the same period last year as existing two and three year products came to an end and borrowers opted for new deals."