London, 04 April, 2025: New Experian data reveals a significant increase in mortgage applications in the last quarter of 2024. The total number of mortgage applications increased by 32% in the last quarter of 2024 compared to the same period in 2023. [1]
The surge in applications illustrate the resilience of the market, particularly amongst first-time buyers, as they find different ways to get onto the property ladder. According to Experian data, those aged 25-44 made the most applications (63%) in the first half of 2024, with over half of these being successful. [1] An increasing number of this group have turned to higher balances as 33% took out £250,000+ mortgages in 2024 compared to 31% in 2023.[1]And 29% of the same group have opted for 31–35-year mortgage terms to help them get onto the property ladder, with almost 14% opting for 36+ term mortgages, compared to 11% in the same period in 2023. [1]
In addition to opting for longer-term mortgages, first-time buyers are leaving areas like London to buy in more affordable regions. Over 13% of successful first-time buyer applications ended up buying a house in a different region in the first half of 2024. London and the Southeast continues to be hotspots for mortgage applications - accounting for over 17% and 15% of applications respectively. [2] Whilst London accounts for 21% of applications for first time buyers, 1 in 4 of them moved to a different region in the UK in the first half of 2024 alone as house prices in the capital continue to increase. [2] [3]
This data comes as significant changes to Stamp Duty are set to take effect from April 2025, which could further impact those aspiring to get onto the property ladder by increasing their upfront costs.
John Webb, Consumer Affairs Expert at Experian UK&I says: "Our data suggests that consumers have been quite resilient, with a significant increase in mortgage applications in the last quarter of 2024 compared to the same period in 2023. However, rising house prices in some areas of the country have forced first-time buyers to look further afield to get on to the property ladder.
With high interest rates and market changes causing uncertainty, it’s crucial for first-time buyers to remember the essential steps to prepare for buying a home remain the same. Checking your credit report and score means you can get ahead of any issues that might prevent you from getting a mortgage. It can also help you understand the ways to improve your credit score. Having a high credit score means you’re more likely to get a mortgage, at a better interest rate.
Remember, with careful planning and preparation, achieving your dream of homeownership is possible.”
The Southeast has proven to be the most popular region for first-time buyers, who made mortgage applications in London, with 12% of applicants buying houses in the region. Overall, London is the area with the highest percentage of people (22%) who apply for mortgages but end up moving to a different region. The next highest is the Southeast where over 10% moved to a different region from where they made their application. [2]
Top 5 regions first-time buyers are moving from/to:
Region first-time buyer application was made |
Most popular region they moved to |
London |
Southeast England |
Southeast England |
London |
East England |
London |
East Midlands |
Yorkshire and Humber |
Southwest England |
Southeast England and Wales |
Overall, the proportion of first-time buyer applications remained consistent, making up 36% of total applications. Similar to previous years, 64% of applications were from those with existing mortgages. [1]
– ENDS –
Notes to editors:
1. Data from Experian’s bureau analysing mortgage applications from Q4 2023- Q4 2024
2. Data from Experian’s bureau analysing mortgage applications vs mortgage openings in different regions from H1 2022 – H1 2024
Media contact:
Eliza Odire-Boadi, Consumer PR Manager, Experian UK&I
Tel: 07816192572 / Email: eliza.odire-boadi@experian.com
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