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First time buyers make an impact…


Published: 02/11/2018   Last Updated: 02/11/2018 12:47:31   Author: Paula Dyer    Tags: For Sale, Sold, Poperty Market, First Time Buyers, Household Income, Hazelwoods, Sutton Coldfield, E

First time buyers make an impact…

DID YOU KNOW.... The average first-time buyer is 30 years of age and has a gross household income of £42,000?

Data provided by UK Finance also shows that the average homemover is aged 39 and has a gross household income of £57,000!

According to the data, during the month of August 2018, there were 35,500 new first-time buyer mortgages completed which is a 2% rise against the same month last year!

38,000 new homemover mortgages were completed in the same month, some 2.3% fewer than those a year earlier showing that it really is the first time buyers driving the market, but if homemovers’ are going down where have you all gone to?

Jackie Bennett, Director of Mortgages at UK Finance, said: “Overall house purchase completions remain stable, driven largely by the number of first-time buyers which reached its highest monthly level since June 2017.Buy to Let remortgaging saw relatively strong growth in August, 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.
However, the homeowner remortgaging market has softened slightly, reflecting the many borrowers who had already locked into attractive deals in the months preceding the Bank of England’s base rate rise.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "First-time buyers really are proving to be the lifeblood of the housing market, responsible for keeping the number of overall house purchase completions at a stable level. Lenders continue to offer competitively-priced high loan-to-value products to attract them and with property prices softening in some areas, there are good opportunities for those trying to get on the ladder for the first time.
Buy-to-let remortgaging remains strong as a core of experienced landlords remain committed to the sector, despite recent tax and regulatory changes. Lenders remain keen to lend and product innovation continues. The Chancellor should leave the sector well alone in the Budget and give it time to recover from the onslaught it has been on the receiving end of in recent times."

Overall, we can see that it is first-time buyers that are boosting the whole sector – the stamp duty freeze and help to buy obviously having an impact.

We await with interest to see what the Government have planned when help to buy comes to an end.

Hopefully a review of Stamp Duty altogether… and an incentive for First Time Buyers to purchase previously owned properties perhaps?

Let us know your thoughts.

Team Hazelwoods x