FTB applications up at Haart

The estate agents said that over 50% of first-time buyer applicants bought with a deposit of 15% or less and the average size of deposit stood at £38,860.

This varied considerably by region with the average in South Wales of £18,018 contrasting sharply with that of the South East where it was £59,634.

Haart said it processed up to 500 mortgage applications per week.

David Miles, managing director of Haart financial services, said: “The end of stamp duty relief certainly caused something of a rush among first-time buyers eager to complete before the end of the holiday.

“However, those who were predicting that first time buyers would all but disappear afterwards appear wrong with applications levels in April still strong. Whilst the overall conditions in the mortgage market remain challenging, lenders have money to lend.

“So whether customers are looking to buy for the first time, or moving to a new home, or investing in property on a buy-to-let basis, there are solutions available to make that happen.”