First-time buyer numbers have soared to a 12-year high, reaching a level last seen before the financial crisis struck.
A total of 35,010 mortgages were advanced to people buying their first home in August – the highest monthly total since August 2007, according to UK Finance.
The typical first-time buyer borrowed £175,361, the equivalent of 80% of their property’s value.
Although the sum was an average of 3.52 times their pay, close to record-low interest rates meant monthly mortgage payments accounted for just 17.1% of their total household income.
The data from UK Finance supports Zoopla research which found that more than a third (36%) of all property purchases in 2018 were made by first-time buyers and that numbers were up by a huge 85% since 2010.
Buying a home for the first time can be daunting and expensive, which is why it’s important to get fully up to speed before you start your property search. Once your name is on the property deeds, you’ll benefit from potential equity gains, you can decorate how you like and of course you’ll always have something to call your own.
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