Increase in First-Time Buyers Revealed
Figures released in March 2019 reveal an increase in first-time buyers securing mortgages in recent months. This comes despite the property market feeling the impact of Brexit uncertainty.
Data from the final quarter of 2018 has been released by the Intermediary Mortgage Lenders Association and it shows that 89 per cent of first-time buyer mortgage offers were completed in that three-month period. This is a three-year high and is up from 81 per cent in the third quarter of 2018.
Rita Tinney, Group Sales and Lettings Director commented: “First-time buyers returned to the market at the very start of 2019, mostly thanks to the Bank of Mum and Dad providing the deposit and lenders seem to be welcoming them.
“The average age of the 2019 first-time buyers is lower than has been seen over the past 7 years. Purchasers were entering the market for the first time in their late 30s and early 40s. They were jumping in at the family home level but were often the poorer part of the market relying on one income and having the liability for supporting a family.
“However, todays first-time buyers are younger, have the advantage generally of two incomes and parental support. Plus, they are aiming lower and buying the smaller units of two bedroom flats and houses which are languishing on the market since the mass exodus of investors following tax and stamp duty adjustments.”
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