The latest data and analysis from UK Finance has revealed that mortgage lending for first-time buyers, home movers and re-mortgagors all saw an increase during February when compared to the previous year.
Total homeowner purchases, which combine both home movers and first-time buyers, reached 50,000, the highest level for February since 2007.
This morning's figures show that there were 25,200 first-time buyer mortgages completed in February 2018, some 2.4% more than in the same month a year earlier. The £4bn of new lending in the month was 2.6 per cent more year-on-year. The average first-time buyer is 30 with a gross household income of £41,000.
There were 24,800 home mover mortgages completed in the month, the same as in February a year earlier. The £5.3bn of new lending in the month was 1.9% more year-on-year. According to the data, the average home mover is 39 and has a gross household income of £55,000.
UK Finance found that there were 35,400 homeowner re-mortgages completed in the month, some 11.3% more than in the same month a year earlier. The £6bn of re-mortgaging in the month was 11.1% more year-on-year and 5,200 buy-to-let home purchase mortgages completed in the month, some 8.8% fewer than in the same month a year earlier. By value this was £0.7bn of lending in the month, 12.5% down year-on-year.
There were 14,100 buy-to-let re-mortgages completed in the month, some 20.5% more than in the same month a year earlier. By value this was £2.2bn of lending in the month, 15.8%more year-on-year.
