The housing minister has hailed the latest mortgage data published on 15 October, which revealed the number of first-time buyers getting a mortgage and hopping on the property ladder, increasing to 35,010.
Representing the highest monthly total since August 2007, the figures show an “unrelenting demand” for home ownership from people who want to call a home their own.
The figures from UK Finance follow the Ministry of Housing’s own research revealing 87% of the public would prefer to buy, rather than rent, a home.
It also found 57% of people support the building of new homes in their own community, up from 28% in 2010- demonstrating a majority of the public “remains pragmatic about how shortage of new homes is addressed.”
Before the figure of 35,010 in August 2019, the previous high was August 2007 when there were 25,070 new first-time buyer mortgages completed.
Housing minister Rt Hon Esther McVey said: “It’s welcome news that first time buyers have reached a 12-year high. This government is determined to open up the dream of home ownership- with more houses completed last year than in all but one of the last 31 years.”