Latest figures from UK Finance show that first-time buyer affordability in Wales remained positive in the second quarter of 2017 when compared to the UK overall. First-time buyers typically borrowed £109,300 (£137,700 in the UK overall), up from £106,200. The average household income was £34,100 (£40,800 in the UK overall), up from £33,000 and the typical income multiple in Wales of 3.31 (unchanged from the previous quarter) also compared favourably to the UK average of 3.58.
Overall, the second quarter in Wales showed:
- Home buyers borrowed £1.1bn for house purchase, up 26% quarter-on-quarter and 19% year-on-year. They took out 8,100 loans, up 23% compared to the previous quarter and 14% on the second quarter 2016.
- First-time buyers borrowed £490m, up 26% on the first quarter and 17% on the second quarter last year. This totalled 4,200 loans, up 24% quarter-on-quarter and 14% year-on-year.
- Home movers borrowed £580m, up 26% quarter-on-quarter and 21% compared to a year ago. This totalled 3,900 loans, up 22% quarter-on-quarter and 15% compared to the same quarter in 2016.
- Remortgage activity totalled £470m, down 10% on the first quarter but up 4% on the same quarter last year. This came to 4,100 loans, down 11% quarter-on-quarter but up 2% compared to a year ago
Julie Ann Haines, Chair of UK Finance Wales Mortgage Committee, said: "It is very positive to see growth among both first-time buyers and home movers, making this the strongest second quarter for home buying activity in Wales since 2007. Affordability continues to be better in Wales than the UK overall, and with attractive mortgage rates and a wide range of choice in the market currently; we expect this level of activity to continue going forward."
Source- UK Finance