First-time buyers in the UK are continuing to drive the sales of homes with the number of mortgages completed by this group increasing by 5.8 per cent annually.

“There were 32,640 new first-time buyer mortgages completed in July 2019, 5.8 per cent more than in the same month in 2018,” according to the latest Mortgage Trends report from UK Finance, the collective voice for the banking and finance industry in the UK.

Affordability, lower mortgage rates and relief from Stamp Duty Land Tax for first-time buyers (FTB) are responsible for an increase in the number of people stepping to the property ladder in the UK. A recent report from Hometrack said that the FTB numbers have grown for eight consecutive years outpacing other buyer groups. Since 2018, the number of FTBs grew by 85 per cent with the number of mortgages completed also rising at the same time.

In addition to FTB mortgages, the buy-to-let purchase mortgages also saw an increase annually. There were 5,800 new buy-to-let home purchase mortgages completed in July 2019, 5.5 per cent more than this time last year. There were 15,100 remortgages in the buy-to-let sector, two per cent more than the same month in 2018.

Many developers are building homes meant for FTBs, who are finding it difficult to buy homes. Lu2on by Strawberry Star is an ideal option for FTBs considering its fast connectivity to Central London business hubs. Lu2on, which offers London lifestyle homes at prices achievable to FTBs, recently won the prestigious First Buyers Readers’ Award as the Best Offplan Development for FTBs. If you want to know more about Lu2on, call 020 7781 8899.