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First time buyers at record high.

FALLING mortgage rates powered a wave of first-time buyers in November, driving UK house completions to a post-recession record high, according to the latest First Time Buyer Tracker from Your Move and Reeds Rains.

November 2014 saw 34,300 first-time buyer completions, 15% higher than 29,900 in October and almost a third (30%) more than 26,400 a year ago. It was the highest monthly number of completions since August 2007 (35,300) and the first time in four months in which completions topped the 30,000 mark.

The surge in first-time buyer numbers was helped in part by falling mortgage rates. The average first-time buyer mortgage rate was 3.92% in November, 0.27 percentage points lower than October (4.19%) as rates have dipped in response to low inflation and the low base rate.

Adrian Gill, director of estate agents Your Move and Reeds Rains said: "Record low rates have set off a blast of first-time buyers over the last month, with the number of completions climbing upwards to reach a post-recession high. Mortgage rates are slipping downwards, helped by low inflation and growing certainty that an upwards revision of the base rate is moving away from the horizon of the New Year and deep into 2015."

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Publication:Daily Post (Conwy, Wales)
Date:Dec 31, 2014
Words:210
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