The number of first-time buyers in the UK reached its highest level in 12 years, underlining the impact of government incentives such as Help to Buy on an otherwise sluggish property market.
Mortgage providers advanced £62bn to first-time buyers last year, enabling 370,000 newcomer mortgages to complete — the highest number since 2006, according to data from trade body UK Finance.
The level of lending in 2018 was 4.9 per cent higher than 2017. Based on December’s data, the average size of mortgage being taken out was £145,702.
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