First time buyers’ mortgages volumes soar

The online mortgage experts, Mortgage Introducer, report today that UK Finance data shows that November 2017 residential activity growth outstripped the same month in 2016.

They quote that first-time buyer transactions were up 15.2%, the number of homemover mortgages issued rose by 16.8% and remortgage volumes increased by 8.5% year-on-year.

Paul Smee, Head of Mortgages at UK Finance, said: “The data shows housing market activity remains buoyant, despite November’s rise in the base rate.

“Steady increases in lending for house purchases together with increases in homeowner remortgages reflect a keenness among consumers to benefit from still historically low interest rates, and a highly competitive marketplace.

 He said: “The market is proving to be fairly resilient, with first-time buyers taking advantage of competitive mortgage deals and slowing house price growth.

Chancellor Philip Hammond opted to cut stamp duty for first-time buyers in November on property purchases up to £300,000, so the first-time buyer market may continue to grow.

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Bernards commentary: We’re seeing a steady increase in the number of first time buyers who are now in a position to think about getting on the property ladder. It’s an exciting time and we are taking great pleasure in matching up newbie buyers with flats and houses in the sub-£300K price range. There’s also a good selection of low rate mortgage deals around at the moment that is making house buying an even more attractive and realistic goal for many people in 2018.