New data has revealed that the number of first-time buyers reached a ten year high in 2017, with the figure growing by 7.4% since the previous year.
According to UK Finance, last year saw the number of people taking their first steps on the property ladder reach 365,000, the most significant figure since 2006. The decade high level is despite the fall in buyer completions in the final month of the year, with December seeing numbers fall by 5.2%.
In comparison to the correspondent period last year, December’s number of home mover mortgage completions was down by 4.7% to 30,700. Lending also saw a fall in December, with the figure down by 3% on an annual basis. Whilst remortgaging saw an uplift of 7.4% compared to the same month last year, the number of completed buy-to-let house purchase mortgages were down 17.2% on 2016.
Commenting on the figures was Paul Smee. The Head of Mortgages at UK Finance stated: “2017 saw the number of first-time buyers reach its highest level in a decade, which is welcome news for those getting started on the housing ladder.
“But although the market remains competitive there is no room for complacency, with weaker December figures consistent with our market forecast of subdued growth this year.
“We are also seeing a less buoyant buy-to-let market, which continues to be impacted by recent tax and regulatory changes. This will continue to flatten gross lending volumes this year.”
