Government Figures Suggest that a Continuing Boom in First Time Buyer Activity is Helping Drive up the Number of Transactions
The UK housing market made an unexpected recovery in March during which the number of homes sold increased by 6.8% compared to the same month last year.
March is traditionally a good time for sales, usually trumping the first two months of the year. But the sharp month-on-month rise has surprised market watchers, and figures suggest that first time buyers are still dominating the market.
Trade body UK Finance last week revealed that the number of completed first-time buyer mortgages increased by a fifth month in a row during March, up by 4.1% on 2018. This compares to a 0.1% rise in the number of home mover mortgages completed in the same period.
These figures also suggest that slowing house prices particularly in London and the South of England are making property more affordable for first time buyers, further spurring on more people to get on the property ladder.
Courtesy of ‘The Negotiator’