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FTB numbers up 25% in a year.....
HAMISH_MCTAVISH
Posts: 28,592 Forumite
http://news.sky.com/story/1322768/first-time-buyers-getting-a-shot-at-long-lastThere were 30,000 first-time buyer sales in July, up by 25% on a year before and the highest number of monthly first-time buyers since August 2007.
Down payments averaged £26,642 in June, a decrease from £29,609 12 months ago.
Excellent News. :beer:
The mortgage famine is clearly beginning to ease a bit enabling more FTB-s to buy houses. Still a very long way to go of course.
There's also a couple of relevant statistics that will no doubt confuse some....
First-time buyers paid 8% more over the last year, with the average price paid for a new home now £155,844, according to LSL Property Services.
Simultaneously, average mortgage rates climbed for the fourth consecutive month in July to 4.19%.
So prices rising, FTB interest rates rising and now not much below historical norms, and yet the number of FTB-s able to buy has risen significantly....
Well ain't that a head scratcher.....;)
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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Well you'd expect an increase in first time buyers.
We've got something called help to buy. It's part of the reason the downpayments have decreased.0 -
Graham_Devon wrote: »Well you'd expect an increase in first time buyers.
We've got something called help to buy. It's part of the reason the downpayments have decreased.
40,000 households have used HTB to date. Figures in the OP indicate 30,000 FTB's in a single month.
It's not all about Help to Buy.0 -
You know when you were getting outbid in 2011? I reckon there's a chance you had the highest bid but the vendors didn't like your attitude and took a lower offer.
Three years in rent and £160k in lost Lambeth HPI - that's Karma.0 -
HAMISH_MCTAVISH wrote: »http://news.sky.com/story/1322768/first-time-buyers-getting-a-shot-at-long-last
Excellent News. :beer:
The mortgage famine is clearly beginning to ease a bit enabling more FTB-s to buy houses. Still a very long way to go of course.
There's also a couple of relevant statistics that will no doubt confuse some....
So prices rising, FTB interest rates rising and now not much below historical norms, and yet the number of FTB-s able to buy has risen significantly....
Well ain't that a head scratcher.....;)
What's confusing? FTB prices going up because of HTB, and interest rates going up on FTB mortgages because the interest is being paid on a smaller mortgage (75% LTV mortgage at high interest rate, 20% Equity loan from government with 0% interest for 5years). Hardly rocket science......0 -
now now children lets play nicely!
is there any breakdown of the figures on a regional basis?
my first thought is naive first time buyers getting sucked into the bubbletastic house price band wagon via H2B
as we know take up of H2B is very low in london so it would be useful to know where these new ftbers are0 -
40,000 households have used HTB to date. Figures in the OP indicate 30,000 FTB's in a single month.
It's not all about Help to Buy.
Yep.
Very good thing so many new FTB-s are now able to buy.
And that with average FTB mortgage rates at close to long term average, I/O and self cert effectively banned, and these repayment mortgages being stress tested to 7%+.....
No surprise to many of us of course, given neither UK house prices nor UK mortgage lending standards were the cause of the global financial crisis in 2007.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
40,000 households have used HTB to date. Figures in the OP indicate 30,000 FTB's in a single month.
It's not all about Help to Buy.
Never said it was all about HTB. That's your spin on what I stated.
Though your figures suggest that HTB has provided more than a months demand in the year. That's pretty significant.0 -
Graham_Devon wrote: »figures suggest that HTB has provided more than a months demand in the year. That's pretty significant.
As would be expected with some semblance of normality returning to dysfunctional mortgage markets.
Which was the point of HTB.
Now just imagine how many FTB-s there will be once lending fully returns to normal....:)“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Graham_Devon wrote: »Though your figures suggest that HTB has provided more than a months demand in the year. That's pretty significant.
Not quite because not all HTB use has been FTB's.
Say it's 1 in 10 FTB's use HTB and as a result more houses are being built and young people are able to buy. Sounds like a good news story - a successful government housing scheme is well overdue.
So yes it's significant but the vast majority of FTB's don't use the scheme - even better news - young people can buy a house without taxpayer help.0 -
Not quite because not all HTB use has been FTB's.
Say it's 1 in 10 FTB's use HTB and as a result more houses are being built and young people are able to buy. Sounds like a good news story - a successful government housing scheme is well overdue.
So yes it's significant but the vast majority of FTB's don't use the scheme - even better news - young people can buy a house without taxpayer help.
Your "backing to the hilt" of HTB as a scheme next to downplaying HTB figures at every opportunity is puzzling to say the least.
Anyway, you are wrong. 85% of HTB buyers were FTB's.0
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