Research from the First Time Buyer Opinion Barometer by Reeds Rains estate and lettings agents shows that home values have risen by 13% in the last 12 months with the amount of tenants ready to step onto the property ladder reaching its highest level in over a year.1
The news comes as demand from first-time buyers is putting pressure on the market. The number of completed first-time buyer transactions stood at 27,900 in January 2016, representing a 38.8% rise from January 2015, when the figure stood at 20,100*.
John Wetherell, regional managing director at Reeds Rains says: “Traditionally, this time of year sees many buyers entering the market and tenants still appear optimistic. When asked in January when they planned to purchase their first home, 15% replied that they expected to do this within the next twelve months – up from 6% in September 2015.
Homeowners may see the tenants’ desire for homeownership as an opportunity to sell, which could release capital to help them progress further along the property ladder. As a seller, Reeds Rains would advise you to have a property valuation first, and seek financial guidance on the cost of moving. You can gain professional advice from Reeds Rains by booking an appointment at www.reedsrains.co.uk which will provide a better idea of the amount you may wish to spend on your next property.”
Reeds Rains has been selling houses since 1868 and has grown to become one of the UK’s largest estate agencies, with an increasing network of branches covering England, Wales and Northern Ireland.
(1) LSL Property Services First Time Buyer Opinion Barometer February 2016.
* Since January 2010 when exchange prices were recorded as they are now.