First-time buyers continued to drive growth in the UK housing market in September 2018 with 29,400 of them successfully securing mortgage to take their first step on to the property ladder.
Latest statistics from UK Finance reveals a stable housing market with the first-time buyers accounting for £5 billion of new lending. Majority of the first-time house buyers are from London and the South East region.
Stable income, increasing job opportunities, and mortgage availability, are driving the demand for first-time buyer homes in the UK. The average age of a first-time buyer is 30 years and has a gross household income of £42,000.
UK Finance is a trade association, which represents the banking and finance industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets, and payment-related services. Data provided by UK Finance reveals the health of the housing market.
The demand for buy-to-let remortgages was also stable in September. There were 12,300 new buy-to-let remortgages completed in the month, some 0.8 per cent fewer than in the same month a year earlier. By value, this was £2.0bn of lending in the month, the same year-on-year. There were 5,200 new buy-to-let home purchase mortgages completed in September, as demand remained stable.
Jackie Bennett, Director of Mortgages at UK Finance said: "Overall remortgaging for both residential and buy-to-let properties have levelled out after a period of strong growth. This reflects the number of fixed rate loans reaching maturity."