The number of first-time buyers (FTBs) entering the property market has been increasing lately, with August 2018 representing the highest monthly level in over a year.
Earlier this week (October 16th), UK Finance’s latest Mortgage Trends Update revealed 35,500 new FTBs completed their mortgages in August this year, which is the greatest number since June 2017.
It represents a two per cent increase compared with August 2017, while lending also grew by 5.2 per cent over the 12-month period.
Jackie Bennett, director of mortgages at UK Finance, said the number of FTBs able to get on the property ladder has resulted in stability for house purchase completions.
However, the figures revealed less positive news for homemovers, with the number of people moving house who already own a property dropping by 2.3 per cent compared with August 2017.
Ms Bennett noted that this may be “reflecting the many borrowers who had already locked into attractive deals in the months preceding the Bank of England’s base rate rise”.
In fact, it was in August that the Bank of England decided to increase its base rate from 0.5 per cent to 0.75 per cent, following a previous rise from 0.25 per cent to 0.5 per cent in November 2017.
If you are a FTB or a homemover and are planning on re-locating soon, do not forget to arrange furniture moving sliders for the big move. These help you shift heavy items effortlessly whether you are going from rented accommodation or a property you have just sold.