The number of first-time buyers annually increased by 7.4% from 340,000 in 2016 to 365,000 in 2017, according to latest figures published by UK Finance.
The 2017 figure is the highest number since 2006.
Bluestone Mortgages director of sales and distribution Steve Seal said: “Becoming one of the fastest growing groups in the market, it’s great to see first-time buyers increase year-on-year. However, there is still a larger group of people that are not being treated fairly when it comes to the mortgage application process.
“Successful business owners, entrepreneurs or contractors are being turned away by high-street lenders for not fitting traditional lending criteria. Yet it is this group of workers who are the backbone to our UK economy and need greater support from the wider industry. Many of our first-time buyers are from this pool of borrowers and until the mainstream industry learns to understand their situation on a case by case basis, specialist lenders will continue to support these borrowers and give them the chance of home ownership they deserve.”
Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.
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The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
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