More first time buyers are getting on the housing ladder in London, reaching their highest level in three years with new mortgage numbers up in the third quarter of 2018, new figures show.
There were 11,700 new first time buyer mortgages completed in London in the third quarter of 2018, up 2.6% compared with the same quarter of 2017, according to the data from UK Finance.
The £3.55 billion of new lending was 6% more year on year and the report also shows that the average first time buyer in the capital is aged 32 and has a gross household income of £70,000.
There were 8,100 new home mover mortgages completed in London in the third quarter of 2018, some 4.7% fewer than in the same quarter of 2017. The £3.49 billion of new lending in the quarter was up just 0.3% year on year.
The figures also shows that there were 15,200 new home owner remortgages in London completed in the third quarter, up 3.4% compared with the same quarter in 2017 and the £4.76 billion of remortgaging in the third quarter was 4.6% more year on year.
‘London’s mortgage market remained resilient in the third quarter of this year, despite an uncertain economic environment,’ said Jackie Bennett, director of mortgages at UK Finance.
‘The number of first time buyers in the capital reached its highest level in three years, boosted by schemes such as Help to Buy. The recent extension of the scheme until 2023 will help even more people get a foot on the housing ladder in the years ahead,’ she pointed out.
‘Remortgaging continues to be strong, reflecting the large number of fixed rate loans coming to an end as well as customers desire to lock into new competitive rates,’ she added.
