First-time buyers reach ‘twelve-year high’

8/01/2020
By: LSL Land & New Homes

First-time buyers reach ‘twelve-year high’

Mortgage Approvals over timeData from UK Finance reveals that the number of monthly first-time buyer mortgages in August 2019 and October 2019 approached their highest levels since August 2007.

Overall numbers of mortgages for new house purchases have been steadily increasing since 2008.

This news follows on from research from the Ministry of Housing suggesting that 87% of the public would prefer to buy rather than rent. The same report also concluded that almost 60% support the building of new homes in their communities, an increase of almost 30% since 2010.

Esther McVey, Housing MinisterHousing Minister Esther McVey commented that:

“It’s welcome news that first-time buyers have reached a twelve-year high.

This government is determined to open up the dream of home ownership – with more houses completed last year than in all but one of the last 31 years.”

Shaun Peart, Managing Director - LSL Land & New HomesShaun Peart, Managing Director – LSL Land & New Homes, commented that:

“It is great to see that the New Buyer market remains strong, Help to Buy will undoubtedly have been a part of this story and we look forward to whatever measures are proposed to help new buyers when the current scheme comes to an end in 2023.”

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