IN 2018 a total of 370,000 people bought their first home in the UK to reach an impressive 12-year high.
The latest figures from UK Finance showed an increase of 1.6 per cent in comparison to 12 months before in December 2017.
There was also a huge boost in new lending throughout 2018, bringing it up to £62billion (4.9 per cent year on year).
Managing Director Hiten Ganatra said: “The figures prove that first-time buyers have the confidence and the means to get on the housing market despite some economic uncertainty.
“A number of government schemes like help-to-buy and a freeze on Stamp Duty have helped offer competitive deals for those looking to get on the ladder.
“But there’s also good news for those who already own a home.
“Remortgages are also on the up, with a high of 170,000 last year. This shows homeowners are keen to look for their own deals on the market that gives them spare cash without the hassle of moving.
“There is a ‘wait and see attitude’ growing, and whatever happens on Brexit, deal, no deal or no Brexit, 2019 could still be a difficult year for the housing market.
“A house price slow down, can have its benefits. The lower prices could further help young people get on the ladder.”
Key figures from UK Finance
– In 2018, 370,000 people bought their first home.
– There were 367,800 new home mover mortgages completed, which was down 1.9 per cent in 2017.
– A total of 34,000 new home owner remortgages approved in December 2018. This was 9.3 per cent more in the same month in 2017.
– There were 12,400 new buy to let remortgages completed in December 2018, making it a rise of 25.3 per cent.
– Although new buy to let mortgages were down 5.6 per cent at just 5,100
- If you are a first-time buyer looking for advice on achieving a mortgage, give our team a call on 01908 465100 or email email@example.com. We are a fee free mortgage broker based in Milton Keynes, working with home buyers and owners across the country.