Brexit bonus? More first-time buyers enter the UK housing market

UK Finance, a trade association, reported that the number of first-time home buyers increased in November by 5.8%, compared with November 2017

(Credit: iStock)
(Credit: iStock)

The pace of home sales in the U.K. to first-time buyers accelerated in November, a financial trade association reported.

The number of mortgage loans to first-time home buyers rose to 36,200 in November, 5.8 percent more than in November 2017, according to UK Finance, a trade association that represents nearly 300 firms in the banking and financial services industry.

The volume of mortgage loans to first-time U.K. home buyers increased to £6 billion (US$77.2 billion) In November, a 9.1 percent increase from the same month in 2017.

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UK Finance also reported that the average age and income of first-time home buyers was 30 years and £42,000.

Introduced in 2013, so-called “Help to Buy” programs allow first-time home buyers to qualify for mortgage loans by making down payments as small as 5 percent.

Jackie Bennett, the director of mortgages at UK Finance, said the November increase in mortgage loans to first-time home buyers stemmed from “a mixture of competitive deals and schemes including Help to Buy.” [Mansion Global] – Mike Seemuth