More first-time buyers are getting a foot on the housing ladder in the UK, an indication of stability in the housing market.
There were 36,200 new first-time buyer mortgages completed in November 2018, some 5.8 per cent more when compared to the corresponding period in 2017, according to latest statistics from UK Finance. First-time buyers are now a dominant buyer category and driving the sales of new homes in the UK.
Improved mortgage availability and better job opportunities are helping greater number of first-time buyers step on to the property ladder. First-time buyers accounted for £6bn of new lending in November 2018, about 9.1 per cent more year-on-year.
The average age of the first-time buyer is 30 years and has a gross household income of £42,000. Data provided by UK Finance, a collective voice for the banking and finance industry, representing more than 250 firms across the industry, reflected the health of the housing market.
A mixture of competitive deals and schemes, including Help to Buy, saw even more first-time buyers get a foot on the housing ladder during November 2018, according to UK Finance.
Buy-to-let mortgage lending also showed stability with 6,100 mortgages completed in November 2018 while new buy-to-let remortgages increased by 9.5 per cent annually.
Jackie Bennett, Director of Mortgages at UK Finance said: "A mixture of competitive deals and schemes including Help to Buy saw even more first-time buyers get a foot on the housing ladder during November."