Over 350,000 Britons Bought Their First Home In 2019
19 Feb 2020
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- Recently released figures from UK Finance have shown that over 350,000 people entered the UK property market in the year 2019.
- First-time buyers accounted for around 50% of all mortgage loan applicants filed last year.
- December 2019 showed growth in mortgage buying on a YoY basis, due to increased investor confidence after the elections.
Figures pertaining to mortgage lending in the UK have shown that 351,450 people in the UK bought a home for the first time during 2019. In December 2019, mortgages acquired by first-time buyers increased by approx. 0.3% on a YoY basis, to 29,490.
However, these figures are slightly lower compared to the 353,130 buyers who had gotten their first mortgage in the year 2018, which was also the highest level achieved since the year 2007. But 2019 figures were still higher compared to first-time buyer levels reported for all years between 2008-2017.
According to UK Finance, out of all homebuyers who opted for mortgage loans to finance their home purchase last year, around 50% are first-time buyers. Also, their average age is a little under 32 years old.
Figures reported in December showed growth in other aspects of the mortgage industry as well. In December, home-mover mortgages increased by 3.2%, new remortgages that also had additional borrowing increased by 5.9%, and new remortgages with no additional borrowing declined by 0.5%, all compared to figures reported a year earlier during the same month.
Experts have credited the outcome of the December elections
for the seeming growth in consumer confidence, especially when it comes to long-term credit financing such as mortgage loans. It is expected that this uptrend in consumer confidence will sustain for a while.