The latest data from UK Finance has shown that the number of first-time buyers entering the UK property market has grown, despite fears of a no-deal Brexit.
Figures from the UK financial services trade body show that 35,010 first-time buyer mortgages were completed in August 2019 – an increase of almost 0.7 per cent on the previous year’s numbers, and the highest monthly total since August 2007.
In terms of national figures, gross mortgage lending broadly across the residential market was up by 3.7% to £22.3 billion in September 2019, these statistics established by UK Finance.
Despite the various changes to taxation which have made property investment less attractive, buy-to-let mortgages were also up by 5.5 per cent.
Mortgage acceptance and compliance for house purchases were up 13.5% and remortgage approvals were 23.4% higher than in September 2018 which UK Finance interestingly describe as “a particularly subdued month for the mortgage market”.
Shepherd Ncube, Chief Executive of estate agents Springbok Properties, said: “Strong buyer demand is continuing to drive the UK property market, and this is being led by our army of aspirational first-time buyers, which is great to see.
“Undeterred by Brexit angst and spurred on by the dream of homeownership, this demand has been fuelled by the continued affordability of mortgage products, a wider slow in the rate of house price growth and a steady uplift in earnings. All of which have combined to create almost ideal conditions to take that first step on the ladder.”
These figures are exceedingly encouraging in the face of political uncertainty perceived to be at its most fragmented and unresolved for many years. It demonstrates a fierce resilience and determination for people to become homeowners and with the services of the right brokers and financial advisers, people can make sound and progressive decisions.