The number of first-time buyer completions across the UK rose by just over seven per cent in the 12 months to the end of August according to data from LSL Property Services.
There were 28,300 first-time buyer completions in August itself, 7.2 per cent more than in the same month a year earlier. It was the third consecutive month in which first-time buyer completions topped 28,000.
The average purchase price for a first-time buyer property was £151,942 in August, some 3.5 per cent higher than twelve months ago.
Over the same period, the average first-time buyer mortgage climbed 5.9 per cent to £124,828 helped by an increase in higher LTV lending. The average first-time buyer deposit was £27,114 in August, 6.2 per cent lower than in August 2013.
The latest e.surv Mortgage Monitor shows higher LTV lending continues growing in strength. There were 11,300 loans to borrowers with a deposit worth 15 per cent or less of the total value of their property in August 2014 accounting for around one in six of all house purchase lending - the highest proportion since October 2008.
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Comments
Fantastic to see that despite the average house prices rising, there is quite a dramatic increase in the number of first-time buyers in comparison to the year before!