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March brought rise in first-time homebuyer applications

The total value of the applications submitted on behalf of people looking to buy a first home hit its highest level for half a year during March of this year, according to the latest figures issued by a lender.

The trends report for first-time homebuyers published by First Direct contains figures provided by CACI. It shows the value of these loans over the course of March was £8 billion. That represents the highest overall value for the past six months, and is also an increase of 42% in comparison with the figure for February.

This will come as a surprise to some industry observers, as the UK housing market is not currently a very welcoming place for those trying to buy a first home. It should be noted though, that the total value of first-time buyer applications during the opening quarter of this year is still 26% lower than it was for the initial quarter of 2022.

The monthly total for March of last year was £10.8 billion, which was the highest figure for two years. Speaking to Mortgage Solutions about the figures, First Direct mortgages chief Carl Watchorn stated that the spring period often proved to be a strong time for first-time homebuyer loans, before adding:

“It’s really encouraging to see the market recovering during March and April to a level of applications not seen since September 2022.”

Those who have done CeMAP mortgage advisor training will want to take advantage of this period of renewed activity among people buying a first home.

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