Drive from first-time buyers set to keep market moving
- 29th March 2018
- Buying Property News
Positive figures show that first time buyers are willing and able to get on the property ladder – good news right up the chain
First time buyers are in an excellent position to make their move onto the housing ladder, pushing the benefits of a vibrant market right up the chain, recent data suggest.
Completion rates among first time buyers are up – with almost three quarters of mortgage applications made through intermediaries resulting in a purchase at the end of last year, compared to just over half the same the year before.
And while that may mean increased competition from a wider pool of other buyers, more sellers are also being tempted onto market. Figures from NAEA Propertymark (the UK's leading professional body for estate agents) show a marked increase in seller numbers since the start of the year: with the number of properties available per branch rising 9% compared to the month before.
All this is borne out by our own stats, first-time buyer registrations are up 35% in the first two months of the year and represent a much larger proportion of total applicants compared to the same period last year.
Stephen Ludlow, Chairman at ludlowthompson, says: “More first time buyers create a vibrant market and help keep transactions moving right up the chain.”
“London has always been a popular choice for young professionals to buy their first home, and the cut in stamp duty has only added to the capital’s other attractions.”
If you are a first time buyer or someone looking to move up the property chain, please contact Chris Lockley at Jigsaw Mortgages here. Their latest best-fixed rate mortgages for first-time buyers at varying loan to value ratios are below:
- 95%: 3.04% 3 year fixed rate with a £999 lender arrangement fee
- 90%: 1.84% with a £999 arrangement fee and a £500 cashback
- 85%:1.43% with a £999 arrangement fee
- 75%: 1.33% with a £999 fee cashback
These are solid foundations for the housing ladder. More first time buyers create a vibrant market and helps keep transactions moving right up the chain
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