Number of First Time Buyer mortgages hits 12-year high in 2018 – Show House News

According to UK finance the number of first time home buyer mortgages is up in 2018 as compared to 2017. The number of mortgages is actually the highest it has been since 2006. This number hit over 370,000. The number of new loans was high in 2018 due to different programs from the government and private sector allowing a wider audience into the market. These programs include the Help to Buy program. The number of mortgages in December, however, is lower than the previous December.

Key Takeaways:

  • According to data from UK Finance, First Time Buyer mortgages rose to 370,000 in 2018 which represents a 1.9% increase from 2017.
  • The last time there were a record number of First Time Buyer mortgages was in 2006 when the figure was calculated to be 402,800.
  • In December of 2018, there were a record number of 30,900 new first time buyers, which was an increase of 4.9% than the corresponding month in 2017.

“The £6.5 billion of new lending in the month was the same year-on-year. In 2018, there were 367,800 new homemover mortgages completed, some 1.9% less than in 2017. The £80 billion of new lending in the year was the same as in 2017.”

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