FTB numbers up 75pc

Sam Cordon

September 16, 2013

But despite the increase the number of new properties coming onto the market is down by 0.8% on a national basis and by 9.9% in London.

Paul Smith, chief executive of estate agency haart, said: “First-time buyers are back on the scene – this is the best they have had it since the economic crash.

“Their registrations are up 75.7% annually across the UK and have more than doubled in London.”

Smith attributed the uplift to an improvement in lending conditions which has encouraged people to leave the rental sector in search of their first home.

He also said that an improvement in loan to value ratios was also having a positive effect on the market.

Smith said:”The back-log of people who decided to rent over the last five years rather than buy are now benefiting from improved lending conditions.

“The deposits they are putting together are more affordable, down 3% annually, and first-time buyers have not been younger since last year.

“The second phase of the Help to Buy scheme in January 2014 (mortgage guarantee) will place the aspiration of home ownership within the reach of many more.”

Second steppers also look set to benefit from the “tsunami of first-time buyer demand” with properties being sold in record time.

haart also said its branches are currently achieving 98.9% of asking prices and said that potential sellers should recognise these perfect conditions.

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