The composition of the mortgage market has remained remarkably consistent over the last 10 years, according to latest data from the FCA.
The one clear change is the rise in the number of first-time buyers, an offset to the fall in buy-to-let mortgages.
First-time buyers now account for a higher 27.4% of mortgage lending versus the 10 year average of 23.6%. This is almost entirely met by the lower proportion of buy-to-let lending which currently accounts for 8.9% of mortgages versus 11.5% average over last 10 years.
The critical turning point for this was the start of the higher stamp duty rates on second properties affecting buy-to-let, first in 2016 and again in 2024.
With higher recent interest rates in 2026 due to the potential inflationary pressures of the Iran conflict – these patterns might shift a little across the rest of 2026. Source: Dataloft by PriceHubble, FCA Mortgage Statistics, Q1 2026