The number of first-time home buyers in the UK reached its highest level since July 2017, with 35,500 new first-time buyer mortgages completed in August 2018, according to latest statistics from UK Finance.
The number of first-time buyer mortgages completed in August 2018 was 2 per cent more than in the same month a year earlier. The £6.1bn of new lending in August was 5.2 per cent when compared to the corresponding period last year.
The age of an average first-time buyer is 30 and has a gross household income of £42,000. The average loan size of the first-time buyer was £145,495 in August. The share of the mortgage repayments from the monthly gross household income was 17.6 per cent.
UK Finance is a trade association, which represents the finance and banking industry operating in the UK. Its monthly statistics on mortgage lending reflect the health of the UK housing market.The data provided by UK Finance clearly establish that overall house purchase completions remain stable.
It is also evident that the house purchase activity is driven largely by the first-time buyers, who are growing in numbers in view of strong employment opportunities, rising wages and availability of mortgage.The stamp duty relief to first-time buyers is also encouraging more first-time buyers to step on to the property ladder.
Kackie 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."