First-time buyers in London reached the highest level since 2015 in Q3 2018 with 11,7000 new first-time buyer mortgages completed in the capital, UK Finance’s Mortgage Trends in London has found.
This was up 2.6% year-on-year and the £3.55bn of new lending was 6% more year-on-year. The average first-time buyer in the capital is 32 and has a gross household income of £70,000.
Jackie Bennett, director of mortgages at UK Finance, said: “London’s mortgage market remained resilient in the third quarter of this year, despite an uncertain economic environment.
“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.
“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.”
There were 8,100 new homemover mortgages completed in London in the third quarter of 2018, some 4.7% fewer than in the same quarter of 2017.
The £3.49bn of new lending in the quarter was 0.3% more year-on-year. The average homemover in the capital is 37 and has a gross household income of £95,000.
There were 15,200 new homeowner remortgages in London completed in Q3, 3.4% more year-on-year. The £4.76bn of remortgaging in the third quarter was 4.6% more year-on-year.