FTB numbers up 75% - and have doubled in London

Line Spacing+- AFont Size+- Print Forward to a friend
FTB numbers up 75% - and have doubled in London

Data from haart's National Housing Market Monitor shows that first time buyers are benefiting from the current mortgage market, with second-steppers yet to realise the advantages of high demand.

First-time buyers have increased 75.7% annually and have more than doubled in London – up 102.4%.  Nationally, the haart data shows, first-time buyers represent 42.2% of all mortgages written by Just Mortgages, a 7.6% increase on August 2012 and have not been younger since March 2012 (now 32.1 years). First-time buyers also fork out a 3% lower deposit than last year (£34,997).
 


New buyers are up 31.1% nationally on last year and are up 61.1% in London. New properties coming onto the market are still down 0.8%, and 9.9% in London.

Paul Smith, CEO of haart, with a network of over 100 branches, comments:

“First-time buyers are back on the scene - this is the best they have had it since the economic crash.  Their registrations are up 75.7% annually across the UK and have more than doubled in London. This is in part due to the back-log of people who decided to rent over the last five years rather than buy, but are now benefiting from improved lending conditions. The deposits they are putting together are more affordable, down 3% annually and first-time buyers have not been younger since last year. The second phase of the Help to Buy scheme in January 2014 (mortgage guarantee) will place the aspiration of home ownership within the reach of many more.

“Second steppers will also benefit from this tsunami of first-time buyer demand as their properties will be snapped up in record time and our branches are currently achieving 98.9% of asking prices. Potential sellers should recognise these perfect conditions.

“The underlying “property bubble” niggle remains, though the distinct difference this time is that lending is more responsible. It is highly unlikely that we will see a return to the 100% LTV mortgage and extreme sub-prime market.”

No Comments

This Article Has No Comments Yet

But you can be first to leave a comment

Latest from Property Reporter

New home registrations up 14%

Are homes with water meters pouring money down the drain?

FTB property transactions at eight-year high

Land Registry: House prices up 1.7% in July


Latest from Commercial Reporter

Connect launches BTL range for Marsden

Tilney Bestinvest acquires financial planning firm

Commercial Trust adopts MortgageBrain Classic

Shawbrook releases SLA figures


Latest Comments

A cooling of the London market is welcome and it is pleasing to see a strong recovery across the regions. It does look like confidence is continuing to increase.

view article

In July, sales may have slipped back slightly month-on-month, but we need to remember that the market was working overtime in June to regain ground lost before the election.

view article

Increased fears of an imminent base rate hike have acted as a catalyst for the remortgage market, causing many borrowers to consider moving onto fixed rates mortgages, buoying activity.

view article

Compared to this time last year, when buyers were faced with annual house price rises of 10.2%, conditions are looking far more affordable.

view article

A record low for repossessions and the falling number of loans in arrears have been two of the big success stories for mortgage borrowers in the post-recession era.

view article

The fact that nine out of 12 regions in the UK experienced a decline in new vendor instructions highlights the need for the Government to address these supply side issues, in order to put the brakes on...

view article

While a couple of high street lenders have recently increased their rates, the vast majority are offering record-low deals and there are still plenty of competitive products for borrowers to snap up.

view article

The post-election recovery in the housing market continues apace with lending to first-time buyers, home movers and landlords all up on the previous month.

view article

I have never believed in coincidences, and neither do the banks and intermediaries that are reinventing themselves to ensure they remain at the centre of customer expectations and decision making.

view article
becky scanlon
becky scanlon 03 Aug 2015

Service is so often overlooked from a business development point of view, there is always a tenancy to focus on strategy for continued growth and business development. We have tried to remember to put

view article

Good advice makes a huge difference to people when they are navigating their choices on savings and retirement, but the rules today have not kept pace with people's needs.

view article

There are a number of significant changes that have far reaching consequences and see the most radical change to insurance law for more than 100 years.

view article

In The Spotlight

In the Spotlight with Simon Badley, IRESS

We spoke to Simon Badley, Managing Director at IRESS, about how technology can help intermediaties cope with regulatory change, and the integration between platforms and software. Read more

Features

30 years of finance: is change overdue?

[SPECIAL FEATURE: As Melanie Whiting, Mortgage Manager at Norton Finance, celebrates 30 with the company, she discusses the changes in the industry and the need for regulation in an ever changing environment.] Read more

Latest Tweets

Subscribe To Our Mailing List