FTB numbers on the increase in the UK - Zoopla

FTB numbers on the increase in the UK - Zoopla

The proportion of the UK property market taken up by first-time buyers is on the increase, as more and more take advantage of low interest rates to get themselves an affordable mortgage.

According to the latest report from Just Mortgages, the mortgages it approved for first timers in August accounted for 42.2 per cent of all loans.

It also added that the number of newcomers to the market across the UK in general has grown by some 75.7 per cent in the last year. In London, this figure has swelled by an impressive 102 per cent.

Much of this has come because of the use of Funding for Lending, which has allowed those providing mortgages to do so without the prohibitively high costs and substantial deposits that had previously locked first timers out of the market.

The down payments made by first timers has dropped to as low as £34,997 on average, an annual fall ....