The latest data released from UK finance this week has revealed a sharp increase in the amount of people taking their first steps to purchasing their first home.
According to the report, in 2017 there were 365,000 first-time buyers, the highest amount for 11 years which equates to an overall annual increase of 7.4%.
The increase doesn’t appear to have affected the number of first-time buyer completions falling by 5.2% In December.
Other peaks from the report included mortgage lending for the first-time buyers, home movers, and buy-to-let purchases all saw a decrease in December 2017 in comparison to 2016. Home mover completions fell by 4.7% and reportage lending dropped by 7.4%.
For buy-to-let, purchases were down by 17.2% and mortgages fell 11.6% in volume.
The Head of Mortgages at UK Finance, said: “2017 saw the number of first-time buyers reach its highest level in a decade, which is welcome news for those getting started on the housing ladder.
But although the market remains competitive there is no room for complacency, with weaker December figures consistent with our market forecast of subdued growth this year. We are also seeing a less buoyant buy-to-let market, which continues to be impacted by recent tax and regulatory changes. This will continue to flatten gross lending volumes this year.
Mathew Wood, Managing Director of Orchards Estates says “The lift in first-time buyers seen last year comes as no surprise to Orchards Estates as we have sold a number of properties to those getting on the ladder for the first time. The majority of which have been very affordable to buyers – especially for those who don’t have the largest deposit”.