More first-time buyers get a foot on the housing ladder in November 2018
According to UK Finance’s Mortgage Trends Update for the month ending 30 November 2018, more first-time buyers have got a foot on the housing ladder.
- There were 36,200 new first-time buyer mortgages completed in the month, some 5.8 per cent more than in the same month a year earlier. The £6.0bn of new lending in the month was 9.1 per cent more year-on-year. The average first-time buyer is 30 and has a gross household income of £42,000.
- There were 36,200 new homemover mortgages completed in the month, some 1.1 per cent more than in the same month a year earlier. The £7.8bn of new lending in the month was 4 per cent more year-on-year. The average homemover is 39 and has a gross household income of £55,000.
- There were 39,600 new homeowner remortgages completed in the month, some 1.3 per cent more than in the same month a year earlier. The £6.8bn of remortgaging in the month was the same year-on-year.
- There were 6,100 new buy-to-let home purchase mortgages completed in the month, some 9 per cent fewer than in the same month a year earlier. By value this was £0.8bn of lending in the month, 11.1 per cent down year-on-year.
- There were 15,000 new buy-to-let remortgages completed in the month, some 9.5 per cent more than in the same month a year earlier. By value this was £2.4bn of lending in the month, 9.1 per cent more year-on-year.
Commenting on the data, 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.”
Kindly shared by UK Finance
