1st-time buyers unfazed by property market uncertainty

Uncertainty may be stalking the autumn housing market, but first-time buyers are still feeling confident enough to take the plunge into home ownership.

New figures from UK Finance have revealed that the number of mortgages approved for first-time buyers outstripped those of home movers in September.

The 29,100 completed mortgages in the month was a 1.6 percent increase on the same month a year ago.

While first time buyer numbers have stayed at a buoyant level, the number of home mover and remortgagers have stagnated.

Smaller rise in homeowner mortgages

The rise in mortgage approvals for existing homeowners was 1.8 percent, but the 25,050 mortgages was more than 4,000 fewer than for first-time buyers.

Homeowners looking to remortgage took out 17,740 new remortgages, up by 5.9 percent on September 2018.

The total value of lending from the UK’s high street banks for all types of mortgages was £17.1 billion.