London appears to have become the best UK region for first-time buyer mortgage approvals.
Third quarter lending data from banking trade body UK Finance shows that the number of first-time buyers in London is now at its highest level since 2015, with 11,700 approvals in the third quarter of 2018.
This was up 2.6% annually – but it was less good news for home movers in the capital, with lending down 4.7% to 8,100.
Home movers fared better in Scotland, with mortgage approvals up 13.6% over the quarter, while first-time buyers saw a 5.3% decline to 8,900.
Similarly, approvals for first-time buyers in Wales were down 2.3% to 4,300, while home mover approvals were flat at 4,300.
There were 2,700 new first-time buyer mortgages completed in Northern Ireland in the third quarter of 2018, up 3.8% annually, while home movers saw a 5.9% boost in approvals to 1,800.
UK Finance does not release data for England.
Jackie Bennett, director of mortgages at UK Finance, said: “London’s mortgage market remained resilient in the third quarter of this year, despite an uncertain economic environment.
“The number of first-time buyers in the capital reached its highest level in three years, boosted by schemes such as Help to Buy.
“The recent extension of the scheme until 2023 will help even more people get a foot on the housing ladder in the years ahead.”
https://allthingstopical.com/2018/07/15/brexit-help-to-buy-london-housing-boom-bust/
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