First-time buyer mortgage completions in the UK have reached its highest level since 2007, indicating the dominance of this group of home-buyers in the housing market.
There were 35,010 new first-time buyer mortgages completed in August 2019, 0.7 per cent more than in the same month in 2018. This is the highest monthly total since August 2007 when there were 35,070 new first-time buyer mortgages, according to statistics from UK Finance, the collective voice for the banking and finance industry.
Various factors are driving the increased completion of first-time buyer mortgages in the UK. Stable jobs, wider employment opportunities, lower mortgage rates, and a stable economy are prompting many first-time buyers to take their first step on the property ladder. Besides, the Help to Buy scheme has been one of the biggest facilitators of home-ownership among first-time buyers.
In addition to these, several developers are coming up with innovative schemes for first-time buyers in and around London. Strawberry Star Homes, our volume housing division, has commenced work on Lu2on, which offers London lifestyle homes at prices achievable to first-time buyers in Luton, just 23 minutes by train to King’s Cross, St. Pancras, Central London. Lu2on even won the First-Time Buyer Readers’ Best Offplan Development Award earlier this year.
First-time buyers are expected to continue to drive the UK housing market for the next few years, as demand continues to rise from this buyer group.
This is the highest monthly total since August 2007 when there were 35,070 new first-time buyer mortgages.