First-time buyer mortgage figures have hit their highest level in decade, according to data provided by Yorkshire Building Society.
The building society collected its data until October 2018, with November and December projected within the analysis.
The firm estimates that 367,038 FTBs secured mortgages in 2018, up drastically from the financial crisis in 2008 where just 192,300 borrowers were recorded.
The data also reveals that in most regions in the UK, first-time buyer numbers have risen progressively during the last 10 years. However, in London, the highest number was in 2014, at 48,100, and in Scotland, 2017, at 35,100. This compares to today’s figures of 43,114 and 34,265, respectively.
The figures show that FTB levels have continued to rise, and now represent 50 per cent of all homes bought with a mortgage.
Yorkshire Building Society Strategic Economist Nitesh Patel says: “Property prices have grown at a faster rate than wages over the past 12 years, which has created difficulties for first-time buyers.
“The figures indicate that government initiatives such as stamp duty relief, Help to Buy equity loans and HTB Isas have made an impact.
“Over the past three or four years, we’ve also seen more mortgage lenders offering 95 per cent loan-to-value mortgages, as well as strong competition driving mortgage rates down.
“Despite the challenges, the FTB market has bounced back following the financial crisis to out-perform other sectors, such as the home-moving and buy-to-let markets.”