First-time buyer numbers jump by 25%

First-time buyer numbers jump by 25%

The number of first-time buyers rose by almost a quarter in 2015 as house prices fell, according to fresh data.

November saw 31,300 complete applications for first homes, up 23.7 per cent annually, and the most since August 2007, according to the latest first-time buyer tracker from Your Move & Reeds Rains.

Average purchase prices for first-time buyers (FTB) dropped 4.7 per cent since November 2014, the first annual fall since March 2013, the estate agents claimed.

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Deposit costs fell 4.2 per cent annually to £24,598, with the proportion of FTB income they consume also sinking.

However, as average first-time buyer mortgage rates inch up, Your Move warned 2016 threatens a Bank of England rate rise.

Yesterday Accord stated the remortgage market remained “extremely strong”, with the number of borrowers renewing their mortgage doubled year-on-year in the six months to 30 November.

The summer remortgage trend has continued into autumn, with “unseasonably high” numbers of applications recorded by Yorkshire Building Society Group, of which intermediary-only lender Accord is part.

Applications for remortgages rose by 98 per cent in the six months to 30 November, year-on-year, while in September, applications were up 143 per cent compared to the same month in 2014.

The upswing over the three months equates to an increase of 128 per cent in the number of borrowers applying to remortgage year-on-year in September, October and November.