We are pleased to report new research indicating that First Time buyers are at the highest on record for almost 2 years.
First Time buyers have found it difficult to get onto the property ladder, given average incomes in relation to house prices. This is particularly so in London and the South East. It is refreshing to see new research which therefore suggests that an increasing number are able to get over the obstacles and get on the property ladder. During April the number of First Time Buyers obtaining first time buyer mortgages were the highest seen since 2014.
We are pleased to report new research indicating that First Time buyers are at the highest on record for almost 2 years.
First Time buyers have found it difficult to get onto the property ladder, given average incomes in relation to house prices. This is particularly so in London and the South East. It is refreshing to see new research which therefore suggests that an increasing number are able to get over the obstacles and get on the property ladder. During April the number of First Time Buyers obtaining first time buyer mortgages were the highest seen since 2014.
The figures, from Your Move & Reeds Rains, indicate that 32,300 completed sales in April, which is an increase of 14.9% from March when there were 28,100. This is a major increase of 37.4% year-on-year. Furthermore the research shows that these levels were the highest monthly total since June 2014 when 33,300 First Time Buyer sales were recorded. This to us highlights the strength of the First Time Buyer market and their growing strength and buying power.
The reason for this may be attributed to the increase in stamp duty causing some landlords to pull back from the market. This has resulted in short-term competition for properties reducing. Historically, landlords have typically sought out the prime FTB properties and this may mean that new buyers have more choice of affordable homes as a result.
"This surge in sales shows that demand is steadfast among first-time buyers, despite upward movement in house prices," commented Adrian Gill, director of Your Move and Reeds Rains. "Subdued landlord demand following the changes is offering some temporary light relief to FTBs; less competition from landlords expanding their portfolios means more houses to buy for first-timers."
