November rise in first-time buyer numbers

Published on

UK Finance has reported that there were 36,200 new first-time buyer mortgages completed in November 2018, some 5.8% more than in the same month a year earlier.

The £6.0bn of new lending in the month was 9.1% more year-on-year. The average first-time buyer is 30 and has a gross household income of £42,000.

The trade body’s Mortgage Trends Update for November 2018 said there were 36,200 new homemover mortgages completed in the month, some 1.1% more than in the same month a year earlier. The £7.8bn of new lending in the month was 4% more year-on-year. The average homemover is 39 and has a gross household income of £55,000.

Meanwhile, there were 39,600 new homeowner remortgages completed in the month, some 1.3% more than in the same month a year earlier. The £6.8bn of remortgaging in the month was the same year-on-year.

In addition, there were 6,100 new buy-to-let home purchase mortgages completed in the month, some 9% fewer than in the same month a year earlier. By value this was £0.8bn of lending in the month, 11.1% down year-on-year.

There were 15,000 new buy-to-let remortgages completed in the month, some 9.5% more than in the same month a year earlier. By value this was £2.4bn of lending in the month, 9.1% more year-on-year.

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.

“Meanwhile, homeowner remortgaging activity has steadied, after reaching its highest level in a decade the previous month as a large number of fixed-rate deals came to an end.

“In the buy-to-let market new home purchases remain subdued, while remortgaging continues to grow as landlords lock into attractive rates.”

Kevin Roberts, director of Legal & General Mortgage Club, added: “Despite the ongoing political turbulence in the UK, the combination of low interest rates and innovative solutions from lenders continues to drive activity within the mortgage market.

“However, with so many options now available choosing the right mortgage can often leave borrowers feeling overwhelmed. This is where an independent mortgage adviser can be a helping hand.

“These professionals can help borrowers with tailored advice and access to thousands of mortgages across the market that could be the difference in helping people to make their first or next step on the ladder.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...