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Mortgages For First Time Buyers Hit A Six Year High

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The number of people taking their first step onto the property ladder hit a six year high in October as growing confidence in Britain’s economic recovery continued to spur on demand for home buying, mortgage lenders said today. Last week the Chancellor, George Osborne said in his Autumn Statement that Britain's economy had turned a corner and was now the fastest growing economy among the developed nations. Today's figures suggest his assessment may be correct as data from the Council of Mortgage Lenders showed a total of 26,800 mortgages worth £3.7billion were issued to first-time buyers in the October, an increase of 16 per cent on September, and 48 per cent higher than October last year.

The average mortgage was £119,500, although the average income of households also reached an all-time high of £36,460. Link

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Edited by rollover

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Those numbers seem almost sustainable!

I wonder what effect a huge 2% interest rate rise would have on mortgage affordability? :rolleyes:

10 year US treasuries are heading back to 3%, you can add 2% min on top of that - IMO that's why Carney is cutting FFL.

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It also says BTL borrowing also hit a new peak for this year. :D

Although many here won't be satisfied until those wanting to buy a house, tradeup, or/and BTLers, come and seek their personal permission, to buy/borrow.

The controllers who don't believe in personal responsibility, who know it all, despite house prices have gone up and up and up in value during the boom, and then since 2009, in many areas. People who I suspect think they ought to be consulted and have personal authority to rule on everything an individual wants to do in life.

Without permission buyers/borrowers/BTLers will be victims of lenders and media and parents, and innocent for being BTL property greedy because they only saw it as a good thing from telly shows. Who shouldn't meet any consequences if house prices fall, or interest rates go up, for their mortgage/BTL debt. Even when those buying today think renting is dead money and expect more HPI.

HPCers still worried for people who bought 2004-2009 who have £100,000s of thousands in equity. :lol:

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