First-time buyers continue to dominate the UK property market and the mortgages taken by them has reached a 12-year-high in 2018.

An analysis by Yorkshire Building Society (YBS) showed that 367,038 first-time buyers secured mortgages in 2018, up from 362,800 in 2017.

The analysis indicates that the number of first-time buyer mortgages has exceeded 2007 levels when 359,900 first-time buyers took out mortgages. It’s almost double of that in 2008 (193,300), when the financial crisis impacted the housing market, and stands just 9 per cent lower than the pre-crisis peak of 402,800 in 2006, YBS said.

The figures suggest first-time buyer levels have continued to rise and now represent half of all homes bought with a mortgage. This signifies that the first-time buyer mortgage market share is at its highest since 1995, when 53 per cent of all mortgage-financed homes were bought by first-time buyers.

Many developers are now focusing on first-time buyers, as they are now a dominant buyer group. Strawberry Star is coming up with a mixed-use residential scheme for London’s first-time buyers in Luton, the UK capital’s top commuter belt town. The scheme LU2ON offers London lifestyle with 785+ apartments 4-star hotel, retail, gym, and many other amenities. LU2ON offers 400 apartments in phase 1 at prices achievable for first-time buyers. For more, visit LU2ON.