First-time buyers rise in 2019

According to Nationwide, the number of first-time buyers rose to 354,400 in the year to October, which is more than double the low in 2009 and is the fastest pace of growth since before the financial crisis. This growth was boosted by weak 2019 house price growth and low mortgage rates, which are typically below 1.9%. Nationwide chief economist Robert Gardner said: “Low borrowing costs have also provided important support. Even though house prices remain high relative to average incomes, the cost of servicing the typical mortgage as a share of take-home pay has remained close to or below long run averages in most parts of the country.”

The Daily Telegraph (02/01/20)