First-time buyers enjoy pre-Christmas bounce...

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11 December 2015

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First-time buyers enjoy pre-Christmas bounce

First-time buyer activity jumped in November with a 31% year-on-year rise in valuations.

This was slightly higher than the increasing overall housing market activity, and far greater than the increase for home mover activity.

On a monthly basis, first-time buyer activity rose by 2% between October and November 2015, according to new research from Connells Survey & Valuation.

Corporate services director John Bagshaw said: “After a few months of relatively steady growth, first-time buyers have at last started to shine amid an already strong housing market.”

Bagshaw said there were a number of reasons for this. “Many first-time buyers may be eager to get on the housing ladder now to avoid any potential rate rise by the Bank of England in the New Year.

“While any increase to the base rate will likely be slight, it could be enough to persuade cash-limited and price-sensitive first-time buyers to act sooner rather than later.

“First-time buyers are also looking to take advantage of Government-backed schemes such as Help to Buy while they last.

“These two factors are reinforced by an economy that currently boasts a golden combination of growth, low inflation and rising household incomes – an appealing economic environment for typically cautious first-time buyers.”