The latest data released from UK Finance has revealed a dramatic surge in the number of people taking their first step on to the property ladder.
According to the report, during 2017 there were 365,000 first-time buyers, the highest volume for 11 years which equates to an annual increase of 7.4%.
The increase doesn't appear to have affected by the number of first-time buyer completions falling by 5.2% in December.
Other highlights from the analysis included mortgage lending for first-time buyers, home movers and buy-to-let purchases all saw a fall in December 2017 compared to the previous year. Home mover completions fell by 4.7% and remortgage lending dropped by 7.4%.
For buy-to-let, purchases were down by 17.2% and remortages fell 11.6% by volume.
Paul Smee, Head of Mortgages at UK Finance, said: “2017 saw the number of first-time buyers reach its highest level in a decade, which is welcome news for those getting started on the housing ladder.
But although the market remains competitive there is no room for complacency, with weaker December figures consistent with our market forecast of subdued growth this year. We are also seeing a less buoyant buy-to-let market, which continues to be impacted by recent tax and regulatory changes. This will continue to flatten gross lending volumes this year.
