First Time Buyer Number Rise 7.4%
Date Published 14 February 2018
The latest data released from UK Finance this morning has revealed a dramatic surge in the number of people taking their first step on to the property ladder.
According to the report, during 2017 there were 365,000 first time buyers, the highest volume for 11 years which equates to an annual increase of 7.4%.
The increase doesn't appear to have affected by the number of first time buyer completions falling by 5.2% in December.
Other highlights from the analysis included mortgage lending for first-time buyers, home movers and buy-to-let purchases all saw a fall in December 2017 compared to the previous year. Home mover completions fell by 4.7% and remortgage lending dropped by 7.4%.
For buy-to-let, purchases were down by 17.2% and remortages fell 11.6% by volume.
Here at novahomes we can say that although December 2017 has seen a fall, its not a great indicator for what 2018 hold. The overall outlook for first time buyers replacing investors is looking more and more positive as each day passes.
This means if you have a starter home, or one that may suit a young a family then its going to be much more of a mixed bag of buyers between investors and buy to live in purchasers. That's great news for anyone selling as often the factors that can put off a potential landlord, such as a property being empty, a property having a larger garden or something in need of some investment are often things which first time buyers look for. Having a property they can move right into, has a bigger garden and has the potential to make their own is music to a buyers ears. That means the potential for resale is on the rise!
To find out what your property is worth in 2018 contact us on 01752 206040 and press option 1 for sales.
