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First Time Buyer Mortgages Increase 38% Compared to January 2013

  22 Apr 2014

Throughout 2014 we have noticed an unprecedented demand for properties from first time buyers in the area and this was confirmed by the data released by the Council of Mortgage Lenders on Thursday, which confirmed an increase of 38% year-on-year compared with January 2013.

The total number of loans for January 2014 reached 21,800 reaching a total value of £3.1bn, resulting in a year-on-year increase of 55% in comparison to January 2013.

The typical first-time buyer income multiple decreased, with first-time buyers typically borrowing 3.39 times their gross income in January, compared to 3.43 in December 2013. First-time buyers in January spent 19.3% of gross income to cover capital and interest payments, slightly higher than the 19.2% in December 2013 but down from 19.8% in January 2013. In addition, over 95% of first-time buyers opted for fixed rate mortgages in January.

It appears that the introduction of the Help to Buy mortgage guarantee scheme has started to have an impact on FTB deposit requirements. The average loan-to-value for first-time buyers was 82% in January, up from 80% seen in December 2013 and a year previous in January 2013.

Due to this increased demand, there is a shortage of good quality properties on the market to meet the unprecedented buyer demand. If you are considering a move now or in the near future, contact our team of property professionals for a free, no obligation, property valuation on 020 8878 2257 24 hours a day, 7 days a week.


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