LETTING & ESTATE AGENT

Following the government’s update on 13th May 2020 regarding home moving in England during the Covid-19 outbreak, we are pleased to announce our branches in England will start re-opening their doors for booked appointments over the coming weeks. Health and safety remains our main priority, and a number of strict measures will be put in place to protect our staff and customers. Our offices in Scotland and Wales will continue to support customers from home. Visit our branch page to find contact details for your local office.

First Time Buyer Numbers Up Again

First Time Buyer Numbers Up Again

There were 28,600 first-time buyer mortgages in June – 7% more than in May and 19% more than in June 2013.

It means that in total, almost half of residential mortgage lending – excluding remortgages and buy-to-let – was to first-time buyers.

The data, from the Council of Mortgage Lenders, appears to be in sharp contrast to a claim by the National Association of Estate Agents that only 3% of home sales in June were to buyers under the age of 30 – an all-time low. The NAEA story made front page headlines, notably in the Daily Mail.

Although the CML data does not give their ages, it does show the number of first-time buyers rising quite dramatically.

By value, loans to first-timers also went up, totalling £4.2bn – 11% up on May and 27% higher than June 2013.

In the second quarter of this year as a whole, there were 79,900 first-time buyer loans – 17% up on the first quarter and 24% up on the second quarter of last year.

In June, the typical first-time buyer loan size was £123,865 and the typical gross income of a first-time buyer household was £37,000.

Lending to home movers also grew, but at a slower pace. In June, the number of loans to movers was 31,900, 4% up on the previous month and 11% on June last year.

Buy-to-let lending was unaltered between May and June at 15,600 mortgages. However, compared with buy-to-let lending in June last year, it was up 38% by value and 23% by number.