January Sees Rise In Number Of First Time Buyer Mortgages
According to data produced by UK Finance, there was an increase in the number of newly completed first time buyer mortgages in January 2019. In the first month of this year the number of such mortgages completed was 25,100 with this being a rise of 4.6% when compared with the same month in 2018.
This is surely good news for the residential mortgage market as without first time buyers purchasing properties there would be a lot fewer people able to move up the property ladder moving into their second and subsequent homes. Let us hope that this pattern continues throughout the reminder of 2019 and beyond.
On that point, there was an increase in the number of home mover mortgages by 2.8% to 25,300 when comparing the same periods.
There was a fall of 2.7% in the number of home mover remortgages in January 2019 to 47,300 when compared with the same month in 2018. That means that there was almost twice as many home mover remortgages completed in January 2019 when compared with the number of home mover mortgages.
The number of new buy to let mortgages fell by 1.8% to 5,500 when comparing January 2019 with January 2018.
The number of buy to let new remortgages fell by 4.2% when comparing January 2019 with January 2018. The number of such remortgages was 15,800 in the first month of this year.
It is going to be interesting to see what happens in the mortgage and remortgage markets here in the UK throughout the rest of this year especially with the uncertainty over Brexit. Nobody has a crystal ball to give people an idea as to what the mortgage sector will do. It is to be hoped that 2019 is a good year. We will continue to keep our readers up to date with what happens periodically this year and beyond.