First time buyers increase as number of remortgages slows
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The volume of remortgages amounted to 18.8 billion (US$25 billion), which was up 8.3% over the year prior. Last year also saw an increase in first-time buyers, in part due to the new Help to Buy.
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The number of first-time buyers in the UK reached its highest level in 12 years, underlining the impact of government incentives such as Help to Buy on an otherwise sluggish property market.
The findings showed the home purchase market had remained steady as 30,720 first-time buyers took out a mortgage in May, 0.5 per cent up year-on-year, while homemover mortgages fell by 1.2 per.
· Nonetheless, strong homebuyer demand kept sales volume from declining in 2017, and by the end of the year 1,000 more homes sold than the previous year, an increase of 1%. 2018 saw a steep reversal of this trend, due in part to years of pent-up buyer fatigue and in larger part to rising mortgage interest rates which reduced buyer purchasing power and enthusiasm.
· U.K. Continues to See Slow Growth in House Prices. reported that first-time buyers continue to steadily enter the housing market in the U.K. The number of mortgages taken out by first-time.
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The share of first-time buyers. With the larger number of 25 to 34-year-olds today, a 5% purchase rate last year would have increased home sales by more than 15%, and would have represented a share.
Activity among first-time buyers also remained buoyant, rising by 7% year-on-year, while there was a 6% increase in lending to home-movers. But the buy-to-let sector remained subdued, with the number of mortgages advanced to investment landlords buying properties dropping by 5%.
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This was a 19% increase on February and a 6% rise compared with March 2014. The value of these loans was £4.2 billion, up 24% month-on-month and 14% compared with March 2014. First-quarter remortgage lending increased by 3% compared with the fourth.
The number of remortgage valuations in October was 16.8 per cent higher than the same month last year, according to research from Connells Survey and Valuation. The volume of valuations undertaken on behalf of first-time buyers also increased significantly, up 15.4 per cent compared to October 2015, the study found.