Number of first-time home buyers reaches seven-year high
The number of first-time home buyers has risen to the highest level for six-and-a-half years, according to the latest figures.
In March this year, 31,400 homes were sold to first time buyers, according to LSL, owner of Your Move. This is the highest level since 2007 when the property market was near its peak.
The government’s Help-to-Buy scheme, which makes 95% mortgages more readily available, is largely responsible for the upsurge. Because of the scheme, the average loan to value has increased from 80.6% to 83.5% in the past 12 months.
While the average house price has risen, the average deposit has fallen to a three-year low of £23,802.
Estate agency chain Sequence have also released figures that show that transaction levels were up by 24% from March last year and that the average value of homes has risen by 11% to £212.372.
David Newnes, director of Your Move said: "More first-time buyers are seizing the opportunity to have a helping hand from the government in putting together a deposit. Help to Buy has allowed the bottom of the market to stay buoyant, despite property prices increasing."
Please contact Eugene Pritchard for more information about the legal aspects of buying and selling a home.