The number of first-time buyers has soared to the highest level in 11 years
Statistics reveal that 365,000 first-time buyer mortgages were completed last year — the most since 2006
THE number of first-time buyers has soared — with new home owners at their highest level for 11 years.
Statistics reveal that 365,000 first-time buyer mortgages were completed last year — the most since 2006.
The average first-time buyer is aged 30 and has an income of £41,000, according to the latest figures released by UK Finance, a trade association representing 300 mortgage lenders.
The 2017 total saw an annual increase of 7.4 per cent more first-time buyers compared with 2016.
Industry analysts suspect the rise was driven by landlords selling off smaller properties made less profitable due to rental tax reforms.
Various schemes, such as help-to-buy deals or attractive mortgages, may also have helped.
Graham Toy, of the National Association of Commercial Finance Brokers, said: “Generation Rent’s ‘wait and see’ mentality is gradually becoming a thing of the past.”
The report comes despite separate data showing house prices ended last year a typical £12,000 higher than they were 12 months earlier. The average house price in December was £227,000.
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