Increase in completion of first-time buyer mortgages
Simon Clarke
Property Investor ★ Land Sourcer ★ Estate Agency Owner with in-Depth Experience of the UK BTL & Residential Market
In an indication of buoyancy in the UK housing market, the first-time buyer mortgages completion increased by 1.6 per cent annually.
Despite Brexit-related uncertainty casting its cloud on the housing market, there were 29,100 new first-time buyer mortgages completed in September 2019, marginally higher than the corresponding period last year, according to Mortgage Trends Update from UK Finance.
As the collective voice for the banking and finance industry, UK Finance’s statistics reflect the health of the UK residential property market. First-time buyers are driving the UK housing market since the last three years outnumbering house-movers owing to moderating house prices and falling mortgage rates.
Many developers are now coming up with schemes by focusing on the requirements of first-time buyers. As first-time buyers are being priced out of London, property companies are building homes in London’s commuter belt towns with faster transport links to Central London.
London-based property developer Strawberry Star’s Lu2on scheme in Luton is already in the news for being among the best mixed-use developments in the UK. Lu2on offers London lifestyle homes at prices achievable to first-time buyers. The development has already won three prestigious property awards in the UK, including the International Property Award 2019.
With the job market strengthening, more first-time buyers are climbing on to the property ladder in the UK. For at least another two years, first-time buyers are likely to dominate the housing market.