Number of first-time buyers hits highest number since 2006
Written by Adam Cadle
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.”