17 Feb

FTBs on the increase

FTBs on the increase

There has been a rise in the number of first-time buyers buying property in the UK, according to a real estate company.

Figures from chartered surveyors Connells Survey & Valuation showed 56 per cent more buyers in January compared to December, with a 35 per cent rise in first time buyers looking for valuations.

John Bagshaw, corporate services director of Connells Survey & Valuation, explained there has been a very strong start to the year due to a number of factors, such as government support and an increase in market optimism.  

He explained: "The vast majority of Help to Buy loans have been taken out by first time buyers.  But alongside this is a wider movement, fuelled by a general surge of confidence and a new willingness by lenders to target new buyers."

There was also an increase in remortgage applications of 31 per cent compared to the last month of 2014, as well as a 39 per cent increase in buy-to-let valuations as more people consider becoming buy to let landlords as the property market improves.

A recent survey by the Post Office concluded many potential first-time buyers are willing to make significant financial sacrifices to step on to the housing ladder and become property owners.ADNFCR-1222-ID-801694495-ADNFCR

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