9,960 new first-time buyers in London in Q2 2019 – an increase on the previous year despite the noise
- 11th September 2019
- Buying Property News
First-time buyers are benefiting from continued wage growth and a record high employment rate
Research has revealed that in the second quarter of 2019 there were 9,960 new first-time buyer mortgages completed in London, up another 1.2% on the previous year, despite Brexit jitters.
The UK labour market has continued to go from strength to strength with wages rising at an annual pace of 4%. As wage growth outstrips inflation many first-time buyers have been able to save more quickly for a deposit.
Unemployment has fallen to just 3.8%, consequently first-time buyers also feel more secure in their employment, allowing them the confidence to make big ticket purchases such as properties.
In addition to the labour market success, competition in the mortgage market has meant providers are forced to make mortgages more affordable for buyers, extending their range of products. One such product are 40-year mortgages which allow borrowers to extend their loan period, reducing their monthly repayments.
First-time buyers have also befitted from a range of government initiatives that aim to boost property purchases. Two of the most used schemes include Help to Buy ISAs and the Equity Loan scheme which both look to give first-time buyers support towards their first property.
Stephen Ludlow, Chairman at ludlowthompson, says: “Rising wages are a key factor in having allowed first time buyers to make that step onto the property ladder.”
“Those looking to buy a property in the next couple of years should consider acting quickly to take advantage of low mortgage rates.”
“London’s position as not only England’s capital but a cultural hub means that it will continue to attract first-time buyers for the foreseeable future.”
If you are considering buying a property, please contact Chris Lockley at Jigsaw Mortgages here.
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews.
Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Micheal Curtin via google reviews:
Adam recently helped me secure my first property. As a first-time buyer, I couldn't have asked for more. Always contactable, very approachable and extremely helpful. Much appreciated, Michael
Vicky Stickland via google reviews:
As a buyer, I have received an excellent service from Ludlow Thompson. Alex has been extremely helpful, he really understood what I was looking for and went out of his way to show me properties which matched my brief. Thank you, Alex and ludlowthompson.
“Rising wages are a key factor in having allowed first time buyers to make that step onto the property ladder.”
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