First-time buyer numbers have reached a 12-year high, according to the Ministry of Housing, Communities & Local Government.
Data collected by the MHCLG shows that there were 35,010 FTB mortgages completed in August 2019. This represents the greatest total since the previous high set in August 2007, when 35,070 FTB mortgages were completed.
Additionally, the research shows that 87 per cent of the public would prefer to buy rather than rent. It also outlined that 57 per cent of people support the building of new homes in their own community, up from 28 per cent in 2010.
Housing Minister Esther McVey MP says: “It is welcome news that first-time buyers have reached a 12-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.”
Proportunity founder and chief executive Vadim Toader adds: “These are positive numbers but it is still much smaller than in 2001, we should ensure we are doing everything we can to help FTBs.
“The frustrating thing for many people is that they earn more than enough to cover a mortgage but simply do not have the up-front cash for a deposit.
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Thanks again to Jake Carter at Mortgage Strategy for sharing this data with us.