20 Aug, 2019/ by Homeward Legal /First Time Buyer
First-time buyers are ignoring the turmoil over Brexit and economic uncertainty to get on the property ladder in ever-growing numbers.
According to the Yorkshire Building Society, the number of first-time buyers in the first half of 2019 is the highest since 2007, before the financial crash and the subsequent tightening up of lenders' eligibility criteria.
Most active in housing market
The Yorkshire crunched data from UK Finance, the trade body for mortgage lenders.
Its analysis revealed that 1st-time buyer numbers have grown every year since 2011 with the figures only 6 percent below pre-financial crash levels.
Those purchasing a property for the first time are also more active in the property ladder than any other demographic with more than half of all homes bought in the UK (52 percent) going to a first-time buyer.
However, those who do get on the property ladder will take longer to pay off their mortgage. Almost two-thirds (62 percent) of 1st-time buyer mortgages are now on terms between 25 and 35 years.
Close to pre-crash levels
Nitesh Patel, strategic economist at the Yorkshire said: "These figures show an increasing confidence to get on to the housing ladder with first-time buyer numbers close to their pre-crash levels.
"This is partly to do with a strong jobs market with record numbers in full-time employment and resurgence in real earnings growth.
"Another factor is a highly competitive mortgage market that is helping to keep borrowing costs at very low levels."