- The number of first-time buyers in March leaps to a total of 32,500 – the highest figure since June 2014
- FTB volumes grow by almost half (47.7%) on a monthly basis, stepping up a gear from 2016’s steady start
- Comes as average purchase prices paid by FTBs dip on a monthly basis, as buyers find cheaper homes
- The burden of deposit costs and mortgage payments has also lightened in March, while low rate, high LTV lending remains accessible to those looking to purchase their first home
First-time buyer activity has grown strongly in March, according to the latest First-Time Buyer Tracker from Reeds Rains.
The total number of completed first-time buyer transactions in March rose to 32,500. This latest figure represents the highest monthly total since June 2014, when first-time buyer volumes previously reached 33,300.
A new high in the monthly number of first time buyers represents an increase of almost half (47.7%) on February’s first-time buyer total, which stood at 22,000. This means that, between February and March, the total flow of buyers managing to step foot on the ladder for the first time grew by 10,500.
On an annual basis, the total number of first time buyers in March grew by 34.9% – or 8,400 – compared to March 2015’s figure of 24,100 one year previously.
Source: First Time Buyer Tracker, March 2016