You are here: Home - Mortgages - First Time Buyer - News -

First-time buyer numbers rise

0
Written by:
16/10/2018
The number of first-time buyers hit the highest level in more than a year in August.

There were 35,500 new first-time buyer mortgages completed in the month, 2% more than in the same month a year earlier, according to figures from UK Finance.

In total, homeowner mortgage completions dipped slightly to 38,000 from 38,900, while remortgage activity also fell slightly by 0.3%.

Kevin Roberts, director of Legal & General Mortgage Club, said: “Whilst increased choice and flexibility continues to give first-time buyers the boost they need, it’s surprising to see that we haven’t seen a surge in remortgage activity following the Bank of England’s decision to raise interest rates.

“The near record low mortgage rates that we continue to see on the market won’t last forever, and those who haven’t yet moved onto a new fixed deal should consider speaking with a financial adviser.”

New buy-to-let mortgage completions were down 13% year-on-year, with 6,000 reported in August.

However, buy-to-let remortgaging saw relatively strong growth, with 13,800 completions, a 4.5% increase year-on-year.

Jackie Bennett, director of mortgages at UK Finance, said: “[This]… was due in part to the number of two-year fixed deals coming to an end. This suggests that while new purchases in the buy-to-let market continue to be impacted by recent tax and regulatory changes, many existing landlords remain committed to the market.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Wage growth reaches highest level since financial crisis

Latest earnings estimates suggest average wages have increased in the past year, with growth rates reaching their highest level since...

Close