According to a recent study by Connells Survey and Valuation, the number of first time buyers soared in January, in comparison to the same month last year.
The number of valuations for first time buyers rose by 21% last month. The number of valuations for people selling property also rose, seeing a leap of 10% in comparison to January 2016. However, despite the encouraging figures for residential purchases, the report showed that the number of buy-to-let purchases had fallen by 63% in comparison to January last year. Although the numbers of landlords investing in property last January soared above the previous year to avoid the new Stamp Duty Tax regulations, the figure was still much lower than that of 2015.
According to John Bagshaw, the corporate services director of Connells Survey and Valuation, a number of first time buyers are in a more stable financial position than they were previously, due to high UK employment levels and low interest rates.
As mortgage rates are at their lowest rate since 2009, first time buyers are maximising the opportunity to set foot on the property ladder. The firm stated that demand for properties was particularly high during January, with almost 12 potential buyers for every property which came onto the property market.
First time buyers may want to speak to a mortgage adviser before applying for a mortgage, as they have studied on a CeMAP course and gained many years of experience to ensure that buyers find the most suitable deal for their circumstances.
