First-time buyers are on the rise

25th August 2017

First-time buyers took out 20% more mortgages in June than in May, according to HMRC figures. The increase has been put down to stamp duty changes which have deterred buy-to-let investors. At the same time, half of all property purchase valuations in July were for first-time buyers, according to new research from Connells Survey & Valuation. Figures have also revealed that the average first-time buyer is now taking out a mortgage equal to 3.59 times their salary – the highest on record, up from 3.28 five years ago. Experts say the reason is that house prices are rising faster than wages, meaning buyers need to take on bigger debts.

Daily Mail (22/08/2017)