Brokers display commitment to finding solutions in challenging economic climate
While demand from other groups of borrowers has fallen marginally, first-time buyer activity remains particularly resilient, latest data from Legal & General Ignite has shown.
Searches for first-time buyers, first-time landlords, and non-owner occupiers on the Legal & General Ignite platform grew by 13% in October, retaining its spot as the fourth most popular criteria used.
‘Joint borrower-sole proprietor’ has emerged as the second most popular search term last month, with searches growing by 7% month-on-month, according to the mortgage sourcing platform.
Legal & General also pointed out that reliance on wider support remains commonplace with first-time buyer enquiries, with searches for ‘gifted equity/concessionary purchases’ also rising by 8% from September to October.
It added that the reliance on the generosity of family and friends – the so-called ‘Bank of Family’ – has long been ingrained in the UK housing market, as confirmed in Legal & General’s Bank of Family report earlier this year.
In general, Legal & General Ignite said searches made by advisers using the platform have continued to grow month-on-month since June – a testament to the adaptability and commitment of brokers in a complex financial climate.
“It is fantastic to see advisers going above and beyond to find innovative routes to homeownership for buyers in response to the economic challenges,” remarked Jodie White (pictured), head of mortgage products and transformation at Legal & General Technology.
“In particular, it is great to see searches on behalf of first-time buyers leading the way, with the Bank of Family, of course, maintaining a significant role in this. With advisers contending with complex client needs and circumstances, as well as the wider economic backdrop, it is vitally important that they are armed with the tech tools that the industry has to offer.”