2017 Sees Most FTBs Since 2006!

According to new research last year saw the highest number of first-time buyers (FTBs) since 2006.

New Life, New Start, New Home For A Young Family. What A Joy! Ha

Those of you looking to take that first step onto the property ladder and considering investing in a timber frame house of your own may well be cheered to hear that last year saw the highest number of first-time buyers (FTBs) since 2006.

This is according to new research from UK Finance, revealing that 365,000 FTBs completed on house purchases in 2017 – representing a yearly increase of 7.4 per cent on the year before.

In addition, there were 30,700 new home mover mortgages completed in the last month of the year, a drop of 4.7 per cent on the same month in 2016. There were also 5,300 new buy to let house purchase mortgages completed in the month, 7.4 per cent more than December 2016.

Commenting on the findings, head of mortgages Paul Smee said: “2017 saw the number of first-time buyers reach its highest level in a decade, which is welcome news for those getting started on the housing ladder. But although the market remains competitive there is no room for complacency, with weaker December figures consistent with our market forecast of subdued growth this year.”

Further research from the company also found that yearly homeowner repossessions now stand at a 36-year low. There were 82,800 mortgages in arrears of 2.5 per cent or more of the remaining balance in the last three months of 2017, a drop of seven per cent on the same quarter 12 months previously.

In the fourth quarter of last year, 1,100 homeowner mortgaged homes were taken into possession, down eight per cent than the same period the previous year.


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