First time buyers continue to rise
First-time buyers continue to rise… and I’m not surprised.
Initial reports back in June first reported this growing trend, as sales to first time buyers surged by nearly a third as the property market bounced back from a period of political uncertainty.
According to latest figures, first time buyers since borrowed £5.7bn in August, which is 16% more than in July and 12% more than the same period last year. They also account for 34,400 of the mortgages granted. Again, higher than July by 14% and 9% more than last year.
This continued boost in activity is without a doubt also fuelled by a decrease in the number of buy-to-let purchases, due to changes in Stamp Duty.
However, with strong buyer demand, sellers need to make sure their homes are presented in their best light if they are to secure substantial interest and a good result. Rightmove’s House Price Index has just announced it takes 62 days on average to sell a first time buyer property, which takes us very close to Christmas. So make sure you clean everywhere, tidy up, de-clutter, re-decorate where necessary and make minor repairs.
Meanwhile, for first time buyers, the competition is high. To increase your chances of having your offer accepted, ensure you have all the financial paperwork ready, make your best offer, have a mortgage agreement in place and a solicitor lined up. This shows the seller you are serious, as they often prioritise those who can move quickly over who’s offering the highest price.
We have some lovely apartments for sale that would be ideal for first time buyers, both contemporary and Listed. Do have a browse!