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The mortgage market has bounced back

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Thu 15 Mar 2018

The mortgage market has bounced back

The mortgage market appears to have bounced back for first-time buyers and home movers at the start of this year.

 

Figures from banking trade body UK Finance showed that 24,500 new first-time buyer mortgages completed in January 2018, up 7% annually, while the number of mortgage approvals for home movers increased 6.4% annually to 25,000.

 

The average first-time buyer is now aged 30 while the typical home mover is 39.

 

Remortgage approvals in January also hit new record levels, at 49,800, the highest monthly level since November 2008. The figure was also up 19.1% annually.

 

Buy-to-let mortgage approvals for house purchase remained subdued, down 5.1% on the year to 5,600.