The latest figures have shown that the mortgage market has now hit its highest level in 13 years for first-time buyers. UK Finance, the trade association for finance and banking, has said that 2,700 first-time buyers purchased properties in the second quarter of the year. This represents a year on year increase of 12.5%.
The typical mortgage has risen to £100,000 which are the highest rates since before the property crash in 2007. Danske Bank’s Head of Mortgages Patrick Mullan suggested that the results show real momentum within the mortgage market.
The first-time buyer market has attributed to this growth. In addition, the average deposit for first-time buyers now sits at £17,000. This is equal to three-quarters of an average yearly salary of 25-34-year olds.
