Almost half of all property purchase valuations last month were conducted on behalf of first-time buyers according to Connells – well above the five-year average for the month.
The agency group’s survey and valuation division says this backs up recent UK Finance data suggesting that first time buyers took out 36,000 loans in June, reaching its highest level since November 2006.
However, Connells reports that buy to let activity has declined with fewer new landlords entering the market.
But once again one of the largest growth areas was remortgaging, which accounted for 36 per cent of all valuation activity last month. This is 10 per cent higher than the five year average for remortgaging valuations in July.
“A large number of those remortgaging are going onto long-term, fixed-rate mortgages to lock in to attractive deals. Many feel there could be an economic storm on the horizon as we leave the European Union, and there also are concerns over a base rate rise. In the purchase market, the shortage of housing stock means people are finding it harder to see their next move” cautions corporate services director John Bagshaw.
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