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First-time Buyer Mortgage Lending Reaches Ten-Year High

New data published by UK Finance has revealed that mortgage lending for first-time buyers, home movers and buy to let purchases all fell in December 2017 compared to the previous year, however, 2017 overall saw the highest number of first-time buyers (365,000) since 2006.

The data also shows that:

  • There were 30,800 new first-time buyer mortgages completed in December, 5.2% fewer than in the same month a year earlier. The £5.1bn of new lending in the month was 1.9% down year-on-year. The average first-time buyer is 30 and has an income of £41,000.
  • There were 30,700 new home mover mortgages completed in December, some 4.7% fewer than in the same month a year earlier. The £6.5bn of new lending in the month was 3% down year-on-year. The average home mover is 39 and has an income of £55,000.
  • There were 30,500 new homeowner remortgages completed in December, some 7.4% more than in the same month a year earlier. The £5.2bn of remortgaging in the month was 8.3% more year-on-year.
  • There were 5,300 new Buy to Let (BTL) house purchase mortgages completed in December, some 17.2% 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.

“2017 saw the number of first-time buyers reach its highest level in a decade, which is welcome news for those getting started on the housing ladder,” commented Paul Smee, Head of Mortgages at UK Finance. “But although the market remains competitive there is no room for complacency, with weaker December figures consistent with our market forecast of subdued growth this year.”

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