The number of mortgages taken out for house purchases dropped by 14% in July, the latest figures from mortgage lenders show, as the housing market slowed down around the time of the EU referendum vote.
A total of 58,100 loans were taken out by first-time buyers and movers during the month, worth a combined £10.6bn. The number was down 14% on June’s figure, while the value was 13% lower. July’s fall in activity followed a 26% increase in new mortgages in June.
First-time buyers made up 32 percent of all home buyers, down from 33 percent last year.
The typical buyer was 44 years old, and had a median household income of $86,100.
Sixty-seven percent of recent buyers were married couples, 15 percent were single females, nine percent were single males, and seven percent were unmarried couples.
Thirteen percent of home buyers purchased a multi-generational home to take care of ageing parents, for cost savings, and because children over the age of 18 are moving back home.
Ninety percent of recent home buyers identified as heterosexual, three percent as gay or lesbian, one percent as bi-sexual, and seven percent preferred not to answer.
Eighteen percent of recent home buyers are veterans and three percent are active-duty service members.
At 30 percent, the primary reason for purchasing a home was the desire to own a home of their own.