The number of first-time buyers in London reached a record level in July-September 2018, according to statistics revealed by UK Finance. This is the highest number for first-time buyers in London since 2015.
There were 11,700 new first-time buyer mortgages completed in London in the third quarter of 2018, some 2.6 per cent more than in the same quarter of 2017. The £3.55bn of new lending was 6 per cent more year-on-year. The average age of a first-time buyer in the capital is 32 and has a gross household income of £70,000.
UK Finance is a trade association, which represents the banking and finance industry operating in the UK. Its data reflects the latest trends in the London residential property market.
The average loan size of first-time buyers was £281,500. First-time buyers’ mortgage repayment accounts for 18.1 per cent of monthly gross household income.
The first-time buyer market, especially in London, is growing steadily. The recent extension of Help-to-Buy scheme until 2023 will help even more people get a foot on the housing ladder in the years ahead.
The number of homemover mortgages approved in July-September remained stable. There were 8,100 new homemover mortgages completed in London. The £3.49bn of new lending in the quarter was 0.3 per cent more year-on-year. The average age of homemover in the UK capital is 37 and has a gross household income of £95,000.
Jackie Bennett, Director of Mortgages at UK Finance, said: "London’s mortgage market remained resilient in the third quarter of this year, despite an uncertain economic environment. The number of first-time buyers in the capital reached its highest level in three years, boosted by schemes such as Help to Buy."