First-time buyer market continues to rise
According to the latest market index from Haart estate agents the number of first time buyers increased 4.5% from October to November and 78.4% from November 2012.
The average price that first time buyers are paying for a property has also increased 9.4% year-on-year, and 1.8% from October, to hit £155,278.
This is slightly below the average UK property price in November which is now £191,290, up 7.6% year-on-year.
The imbalance between supply and demand continues to play a part with supply in London dropping 6.7% in the last month.
Paul Smith, CEO of haart, said: “The first time buyer resurgence continues with their registrations up 78.4% annually across the UK. They are now able to secure significantly higher deposits (up 4.4% annually) and mortgages (up 10.9% annually) and first time buyers now make up 43.8% of all mortgages written.
“With competitor banks also taking up Help to Buy, more first time buyers will be given that boost onto the property market ladder.
“High demand in relation to supply remains problematic with new buyer registrations up 39.9% annually but new property supply only up 4.7% annually.
“Let’s see if the Chancellor’s commitment to pump £1 billion into infrastructure to unlock construction projects comes off and alleviates the crippling shortage of property supply.”