Varied first-time buyers took out mortgages in 2017 than in any year since the fiscal crisis.
There were 365,000 first-time buyers in the UK, the highest gang since 2006 and an increase of 7.4% compared with 2016, UK Subvene said.
Yet this growth is expected to cool in 2018, the lenders’ marketing body said. The buy-to-let market was also “less buoyant”, it spoke.
Separate official data shows UK house prices rose by 5.2% in 2017.
The cuts, from the Office for National Statistics (ONS), showed that the 4.8% ascent in the price of properties bought by first-time buyers was a slower rise than away in the market.
The average first-time buyer taking out a mortgage was aged 30 and had an annual household gains – either one individual or jointly as a couple – of £41,000, UK Finance said.
“Although the [mortgage] Stock Exchange remains competitive [for first-time buyers], there is no room for complacency, with hazier December figures consistent with our market forecast of subdued advancement this year,” said Paul Smee, head of mortgages at UK Bankroll.
The figures show that the average home mover was aged 39 and had an annual proceeds of £55,000. However, the numbers of those moving dropped by 3% in 2017 associated with the previous year.
The number of new buy-to-let mortgages dropped by 17% year-on-year, while the army of landlords remortgaging was down by nearly 12%. Landlords have nerved more stringent tax demands.
The average home in the UK costs £226,756, according to the ONS. This value be create faster than prices in general, as measured by inflation, in 2017.
Accountancy unswerving PwC said that the figures showed UK house prices had increased by 22% various than earnings between 2012 and 2017.
“This shows that auditorium price growth has outpaced average earnings growth for the fifth consecutive year, favour ratcheting up the affordability challenge,” said Richard Snook, senior economist at PwC.
Nonetheless, the picture is very mixed across the country.
London, where the mean property still costs significantly more than elsewhere, at £484,173, saw the slowest annual organization price growth of 2.5%, according to the ONS. This slowdown was showing some winks of shifting to the South East commuter belt, where house expenses dropped by 0.5% in December compared with November.
Scotland saw the fastest year-on-year succeed in prices, up 7.7%, taking the average house price to £149,000.
Another set of ONS information shows that rent paid by tenants in Britain to private publicans rose by 1.1% in the year to January 2018, down from a 1.2% annual get up the previous month.