First-time buyers, payments, high-cost credit and lending

Despite fears over affordability and the effects of the Brexit vote, the number of first-time buyers purchasing homes in the UK reached a record high in October. The National Association of Estate Agents said that a third of sales registered at its members’ branches were to first-time buyers, a 9 per cent rise from September and the highest figure since the association started putting the data together in 2000. According to The Times, ‘Mark Hayward, managing director of the association, said that this could be down to house price growth slowing and houses appearing more affordable to buyers. Both Nationwide and Halifax have reported a slowdown in annual house price growth since April.’ Meanwhile, Bank of England data published this morning shows that lending increased last month at the fastest annual pace in 11 years and mortgage approvals were stronger than anticipated. The BBC reports that consumer credit increased last month by £1.62 billion, up from £1.48