The mortgage scene is finally beginning to see some positive growth, especially for first time buyers. Recent figures have just been released for May 2019, which have shown substantial upward traction in regards to the approval of loans.
The statistics indicated that there has been a 10pc increase in approvals when comparing May 2018 to May 2019. During May 2019, 4926 applications for loans were approved by at least one of the banks. Additionally, there was a 19.9pc increase from April to May of this year.
Most of the approvals from May seem to have been heavily dominated by first time buyers, who made up 51pc. This demographic is heavily marked to via social media and other online platforms. Additionally, banks advertise to this untapped market by offering exemptions that make getting a loan more affordable.
This seems to have been effective, give that approvals are high for this month. If approvals are high, this indicated that there were also a very large number of first time buyer applications that the bank saw during the previous months. Mover purchases also …