The number of first-time buyers getting on the property ladder increased over the summer according to the latest figures from UK Finance.
There were 32,640 new first-time buyer mortgages completed in July 2019, 5.8 per cent more than in the same month in 2018. This number is only slightly lower than the 32,710 homemover mortgages completed in July 2019, 1.4 per cent more than in the same month a year earlier.
The number of buy-to-let mortgages has also increased with 5,800 new buy-to-let purchases completed in July 2019, 5.5 per cent more than this time last year.
Shepherd Ncube, Founder and CEO of 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. Demand has been fuelled by the continued affordability of mortgage products and a wider slow in the rate of house price growth.”
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Source: UK Finance