First-time buyer figures see UK-wide rise in Q1: UK Finance

Remortgages dropped by both value and number in April, but first-time buyer purchases increased, the latest figures from UK Finance show. The number of remortgages fell by 6.2 per cent to 9,140 in April when compared to the same month last year.

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The importance of cashback to FTBs when choosing their lender is on the rise according to RFi Group data, with Q1 2018 findings showing that 41% of FTBs find cashback a very important factor in their choice of lender, a 16% rise from Q2 2017. These figures highlight the fact that with the introduction of cashback incentives, lenders could see potential increases in its FTB customer base.

More than 35,000 new first-time buyer mortgages completed in November 2018, up 5.8 per cent when compared with the same month in 2017 and at a value of 6bn, according to UK Finance’s November.

All regions of the UK saw an increase in first-time buyer activity in the first three months of the year compared to the same period last year, according to UK Finance’s latest regional trends data. Despite ongoing brexit uncertainty, FTB numbers were up in London, Scotland, Northern Ireland and Wales.

"The overall mortgage market shows a dip in first time buyer activity from the fourth quarter 2016 to the first quarter of 2017 but at Danske we have actually seen a rise in activity quarter on quarter, demonstrating the strength of our first time buyer offering. "The figures show that across Northern Ireland, the home mover market is more.

"UK Finance figures reveal that the average price was well over 200k – for the first time in the history of the Tracker – and that, coupled with an average LTV of 77.8%, means we have seen a big increase in the deposits and loans required, and thus a large increase in monthly and annual mortgage costs.

The highest price rise was in Yorkshire and Humberside. year to £71.1 billion (US$ 91.8 billion), according to UK Finance, with increased lending to home remortgagers and first-time buyers. However.

These figures are 20% higher than in Q1 2016, when mortgage brokers reported that only 69% of FTB offers reached completion. The rise in intermediary activity comes after UK Finance found that the number of ftbs securing mortgages in 2018 reached its highest annual level in 12 years.

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