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Cheaper homes, generous mortgages and stamp duty cuts means that almost 2,000 more first-time buyers get on the property ladder each month

Cheaper homes, generous mortgages and stamp duty cuts means that almost 2,000 more first-time buyers get on the property ladder each month

Official figures have confirmed that almost 2,000 more first-time buyers climbed onto the property ladder in July than in the same month last year.

Data released today by banking trade body UK Finance revealed that there were 32,640 new first-time buyer mortgages completed in July, some 5.8% more than in the same month last year. 

Meanwhile, the number of people moving house has roughly stayed the same. UK Finance said there were 32,710 home-mover mortgages completed in July, just 1.4% more than in the same month in 2018.

This means that in July, there were just 70 more homeowners moving house than there were first-time buyers completing a mortgage on their first property.

This continues the trend seen this year of first-time buyers taking a greater share of the property market, as they take advantage of cheaper mortgages, less competition meaning slower house price rises and a stamp duty break.

The total amount lent to first-time buyers was also up to the highest seen so far this year, up 8.5% to £5.7billion. 

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