Mortgage update on the UK: First-time buyers average deposit is rising

In the UK, the average price for their first-home has hit a record high at £207,693. As well as nearly half of all buyers of homes are first-time buyers. Within the first six months of 2017, the number of first-time buyers are at 162,704. This is only 15 percent below the peak of 2006.

On average £33,000 are needed for deposits for first-time buyers.

London we see even worse housing increases at an average deposit for first-time buyers at £106,577.

Northern Ireland is hitting the lowest spot at an average of £16,457 of deposits, Wales at £17,193, and Scotland £21,565.

Like our Help-to-Buy scheme in Ireland with tax rebates of up to 20,000 euro, the UK has a program similar. Their Help-to-Buy scheme with the low mortgage rates gave first-time buyers a push to buy. That could …

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Mortgage market update in the UK

The mortgage market in the UK after Brexit was announced has been shaky. With everyone not knowing how Brexit will turn out, they are weary of committing to huge financial obligations.

However, the UK mortgage market is starting to see potential buyers increase again. In May, a total of 121,464 mortgages were completed.

Total mortgage loans increased by £3.5 billion, which is the fastest pace in more than a year. Mortgage lending has increased 2.9 percent in the past year. The prediction for next years growth is 2 percent in 2017.

The slowdown in growth we can see come from the Brexit. The value of the Sterling dropping makes customers reluctant to purchase a house. This has very negatively affected the housing market in the UK.

The consumer credit card and personal loan debts have been on the rise as well. This is also causing worry from the Bank of England’s Financial Policy Committee as consumer credit continues to rise.

More regulations are going to be put in place to slow down the lending growth and another measure to be …

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