First-time buyers in London reach highest level since 2015
Data from UK Finance’s latest Mortgage Trends Survey shows there were 11,700 new first-time buyer mortgages completed in London during the third quarter of 2018. The figure is 2.6 per cent more than in the same quarter of 2017.
The survey says the average first-time buyer in London is 32 and has a gross household income of £70,000. They have an average mortgage loan size of £281,500, with a typical income multiple of 4.07 times salary.
Commenting on the figures, Jackie Bennett, director of mortgages at UK Finance, said: “London’s mortgage market remained resilient in the third quarter of this year, despite an uncertain economic environment. The number of first-time buyers in the capital has been boosted by schemes such as Help to Buy.”
The average first-time buyer loan-to-value is 75.1 per cent in London and 18.1% of the average household income to service the mortgage.
Source: UK Finance
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