First time buyer activity at four year high
According to the latest Housing Market Activity Report by Connells Survey & Valuation February saw first time buyer numbers rise to their highest level for four years.
New buyers in February outnumbered those a year ago by 13%, after six months of consecutive growth.
John Bagshaw, corporate services director, Connells Survey & Valuation said: “More affordable mortgage deals are starting to trickle through faster, due to increased competition at higher LTVs.
“According to Moneyfacts, lenders have introduced more than three hundred new mortgage products aimed at first time buyers since the start of Funding for Lending.
“Combined with increased traction from deposit schemes like FirstBuy and NewBuy, momentum is building inch-by-inch.
“However, lending criteria remain tight, and deposits must be easier to bring together if we’re to see more sustainable growth in new buyer numbers.”
The number of overall residential valuations conducted by Connells in February showed a monthly increase of 27% with a 23% increase from the same time last year.
Remortgaging activity in February was up 44% from the same point a year ago meaning remortgaging now accounts for just over a quarter of all valuations.