Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Sharp rise in number of first-time buyers
Lending to first-time buyers, home movers and remortgagors all increased in May, with a particularly marked increase in lending to first-time buyers, according to the latest Regulated Mortgage Survey data published by the Council of Mortgage Lenders.
The number of mortgages to first-time buyers in May reached 25,100 - 29% higher than in April, and 42% higher than in May last year. First-time buyers accounted for 45% of all loans for house purchase, similar to the levels of the past few months but considerably higher than the 38% seen on average since 2007.
For some months, there has been an increase in the number of first-time buyers entering the market with smaller deposits - this has now resulted in a shift in the average first-time buyer loan-to-value ratio rising to 83%, up from 81% in April and the highest ratio since November 2008.
First-time buyers are also typically borrowing more (£113,400 in May, on average, compared with £110,000 in April and £105,000 in May last year), and typically now have higher incomes (£35,700 in May, up from £33,500 in May last year). The age of the typical first-time buyer remained at 29.
If you are looking to buy or sell property in Scotland, contact us today. To make an online enquiry please click here or call us on 0141 775 0005
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