Recently released data reveals that the number of first-time-buyers in 2017 reached 399, the largest number since the heady days of 2006.
This may indicate that there is more confidence creeping into the market, but may also be in no small part to the ongoing availability of cheap money… a recent review of the market revealed that there were 189 first-time-buyer mortgages at 95%. One high street bank was offering a 3-year fixed rate mortgage at 2.49%!
Looking at the other end of the market we see a more subdued story where buy-to-let properties bought with a mortgage (as opposed to 100% cash) accounted for 82 purchases.
Interestingly the level of mortgage debt across St Albans reached £3,489,112,387 in 2017, rising only 13% from 5 years ago. The good news here is that the level of new mortgages is nearly being matched by those home owners in their 50s and 60s finally clearing their mortgages.