First time buyer registrations in the past month have jumped nearly 20 per cent across the UK and almost 30 per cent in London according to one agency.
“The pressure on first time buyers was eased this month, as record price rises began to stabilise across the country. This has led to a bounce of nearly 20 per cent more first-time buyers registering interest in England and Wales and a massive 28 per cent in London – a jump bigger than any we have seen in the last four years” according to Paul Smith, chief executive of Haart.
In addition, the agency reports that the average first time buyer purchase price dropped 4.8 per cent on the month with the typical age of the FTB dipping from 32 to 31.
“However despite this surge in activity in March, pulling together the money for both a deposit and stamp duty is still the biggest challenge for aspiring homeowners. This month government data found that 60 per cent of households occupied by millennials were rental properties, a complete reverse in the trend seen 20 years prior” adds Smith.
“All political parties should grasp the upcoming election as an opportunity to create a housing market that is fairer for all, encourage homeownership, as well as incentivise housebuilders to build family homes to free up sufficient stock. At the moment first time buyers are seizing the opportunity to get on ladder wherever they can, because the government has apparently run out of ideas.”
Haart’s figures also show that house prices across England and Wales in March fell by 4.3 per cent on the month and are down 2.7 per cent over the past year. The average house price now sits at £222,884.
“This month there are 10 buyers chasing every property across England and Wales” says the agency’s latest report.