Positive news for the property market as number of first time buyers continue to grow
The housing market across the UK continues to stabilise since the uncertainty in 2016, as news comes from various sources showing that the number of first time buyers remains on the rise month on month, boosting the overall market for all home owners and potential buyers.
The Connells Survey and Valuation report in April indicated that valuations by first time buyers increased in April, making up 34% of all market activity. This is up from 32% in March, and is the fourth month in a row there has been an increase. “While it is still a challenge for some to save up money for a deposit, government support schemes such as the Help to Buy ISA and Barclay’s Cash Back mortgage means more are being given the opportunity,” commented Sarah Brooks, Residential Conveyancing Partner. “This, coupled with the fact that the buy-to-let market has slightly declined, meaning there is more property availability, is positive news for first time buyers and the market as a whole; first time buyers are integral to the property market to keep things moving as they move up the ladder.”
Supporting this is news from the latest mortgage monitor report from residential chartered surveyors, e.surv, indicating that the overall mortgage market has grown in the last month. There were 67,035 loans approved in April, an increase on both the previous month and the same time period last year and up from 61,700 in February.
“Last year was an uncertain year for the property market as we saw changes to stamp duty and of course Brexit, which left everyone cautious about the future of our economy, lead to people trepidation about any property moves,” concludes Sarah. “The upcoming election could once again see things change as both parties lay out different plans for Brexit negotiations, as well as investment in property and housing development in the future. No matter the outcome of the election however, we are confident we will continue to see positive steps for the housing market in Hampshire.”
If you are a first time buyer considering your options, you can contact Sarah or a member of the team at email@example.com.
This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.