UK Finance data shows that lending for a first house purchase was higher in August 2017 than in July and also the same time last year.
First-time buyers accounted for a 16% increase in borrowings than the previous month and 12% up on August 2016. They took out 34,400 mortgages which was 14% up on the preceding month and 9% per cent more year-on-year.
Looking at first time buyers, the proportion of household income taken up by mortgage payments edged up for first-time buyers to 17.5%, but was unchanged for house-movers at 17.6%. Overall, it remains low by historical standards.
The average amount borrowed by a first-time buyer increased from £138,999 in July 2017 to £140,035. There was a smaller proportionate increase in the average first-time buyer household income, and the average income multiple for borrowing increased from 3.60 to 3.63. The average amount borrowed by movers increased slightly from £180,000 to £182,750.
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