Num­ber of first-time buy­ers rises

Birmingham Post - - PERSONAL FINANCE -

THE num­ber of first-time buy­ers getting on the prop­erty lad­der with a mort­gage in the past 12 months was at its high­est level since 2006, ac­cord­ing to es­ti­mates from a build­ing so­ci­ety.

Across the UK, 367,038 first-time buy­ers se­cured mort­gages in 2018, up from 362,800 in 2017, anal­y­sis from York­shire Build­ing So­ci­ety sug­gests. The fig­ures sug­gest first-time buyer lev­els now rep­re­sent half (50 per cent) of all homes bought with a mort­gage.

The York­shire said its find­ings in­di­cate the first-time buyer mort­gage mar­ket share across 2018 reached its high­est lev­els since 1995, when 53 per cent of all mort­gage-fi­nanced homes were bought by first-time buy­ers.

It made the cal­cu­la­tions based on mar­ket-wide first-time buyer data from trade as­so­ci­a­tion UK Fi­nance us­ing fig­ures which run up to Oc­to­ber. The so­ci­ety also es­ti­mated fig­ures for Novem­ber and De­cem­ber based on pre­vi­ous first-time buyer pat­terns.

Nitesh Pa­tel, York­shire Build­ing So­ci­ety’s strate­gic econ­o­mist, said: “The fig­ures in­di­cate that Gov­ern­ment ini­tia­tives such as stamp duty re­lief, Help to Buy eq­uity loans and Help to Buy Isas may have made an im­pact.”

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.