Most first-time buyers since 2006

Last year, Government schemes such as Help To Buy and improved competition in property prices paved the way for the highest number of first-time buyers since 2006. Data from UK Finance reveals there were 370,000 new first-time buyer mortgages completed in 2018, a 1.9% rise on 2017. It is also above the 367,800 mortgages purchased by movers last year, which is barely half the level seen before the credit crunch. The average buyer took on a mortgage with a deposit of just 15%, the smallest proportion since 2008. Loans are also growing compared to incomes, with the median mortgage worth 3.64 times the borrower’s annual income - a record high, up from 3.27 times a decade ago.

The Daily Telegraph (19/02/2019)   The Times (19/02/2019)