January's housing market powered by first time buyers
Published by Max Salsbury for 24dash.com in Housing
For Sale Signs
First time buyers returned to the property market in January faster than any other type of customer, according to chartered surveyors Connells Survey & Valuation.
Last month saw 56% more new buyers than in December, significantly faster than monthly growth in all other areas of the housing market. On an annual basis, this brings the number of valuations on behalf of FTBs to levels 35% higher than January 2013.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “A certain New Year jump is normal – but this January has felt more like a stampede. The seasonal rebound between December and January has been significantly stronger than we usually experience.
“One factor is the effect of government schemes – the vast majority of help to buy loans have been taken out by FTBs. But alongside this is a wider movement, fuelled by a general surge of confidence and a new willingness by lenders to target new buyers.”
Across all sectors, activity increased strongly in January – with total valuations activity up by 37% on a monthly basis, bringing the number of all valuations to levels one third (33%) higher than in January 2013.