First time buyers increase as number of remortgages slows

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U.K. house-price inflation will slow in 2017 as affordability. properties for sale pushed up prices to all-time highs and out of the reach of many first-time buyers. The supply shortage means the.

We expect more first-time buyers over the next two years, helped in part by competitive mortgage rates and government housing schemes. Home movers numbers have recovered a little in 2017, but look set to remain flat over 2018 and 2019, as they have benefitted less from government support and have been largely left to fend for themselves.

Number of UK first-time buyers highest for 10 years. The combined value of the mortgages – 800m – was down 11 per cent compared with the year before. The number of remortgages for buy-to-let landlords also fell in December by 11 per cent year-on-year.

The average gross income of a first time buyer household increased slightly to 38,500 in March from 38,085 in February. First time buyers paid 18.8% of their gross income towards capital and interest payments in March, down from 19.1% in February, and much less than the peak seen in December 2007 of 24.8%.

Rising house prices don’t seem to have deterred first-time buyers, as UK Finance’s latest figures reveal that 2017 saw the highest number of first-time buyers since 2006, with 365,000 people taking that first step onto the property ladder. This marks an impressive annual increase of 7.4%.

In the Q4 2016 report it states that 39% of all mortgages handled by advisers between October and December were remortgages, representing an increase of 7% on Q1. First time buyers, despite a 2% decline in Q4 2016, account for 18% of mortgages handled.

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The number of remortgages taken out increased by 4.1 per cent year-on-year in April and the number. said first-time buyers were likely to be the underlying force behind the increase in mortgage.

Home sale prices in #Hartford metro market have been slow to recover from the last recession but. At the other end of the ranking, six of the 10 worst metro areas for first-time buyers were in.

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Affordability continues to be a concern Even as home price growth slows and mortgage rates fall, home buyers still have difficulty affording homes – especially first-timers. Every time rates fall,