First-time buyer activity surges in January

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First-time buyer activity surged in January as 21% more first-time buyers took out a valuation on a property.

As it stands first-time buyers account for a third (34%) of activity, up from a quarter (25%) at the start of last year.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “With UK employment close to its 11 year high and weekly earnings rising by 3%, many first-time buyers are fitter financially than they were a year ago.

“Aided by cheap mortgages rates, aspiring homeowners have seized the opportunity to get their first foot on the ladder.

“The demand for homes has been particularly high in January, with the Connells Group estate agency network for instance seeing nearly 12 applicants per each new instruction that comes onto the market.”

Bagshaw added: “As a proportion of the overall valuations, first-time buyers are now even more important to the health of the market – making up a third of activity.

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