First Time Buyer sales reach highest levels since recession
First Time Buyer sales have hit a post-recession record. This is according to recent figures from Your Move and Reeds Rains. In fact, during July there were nearly 30,000 First Time Buyer property completions, the highest since August 2007, when it was 35,300.
This means that there has been a 28% increase on April’s First Time Buyer completions figure of 23,200 which represents a 6,500 increase over the last three months.
What this means for First Time Buyers
Adam Nanson Managing Director of Your Mortgage Expert comments:
“The First Time Buyer market is particularly buoyant at the moment and this summer, buyers seem to be particularly optimistic, despite the weather. Many new buyers are taking advantage of current low interest rates, especially as there are predictions that the BOE might announce a rate rise at some stage. As a result, we are finding that many First Time Buyers are buying now in order to take advantage of the great mortgage deals on the market.
“However, the immediate costs of buying a home have increased slightly. As the average First Time Buyer deposit in July was nearly £30,000 which is a 10% increase this time last year. So, if there are people out there thinking of buying their first home in the future, it might be wise to get on the property ladder sooner rather than later.”
How Your Mortgage Expert can help
Adam continues “Given the amount of deals there currently are on the market, it is more important than ever that First Time Buyers do their research to ensure they are getting the best mortgage rate.
“We can help because we can research deals from across the market and we are independent which means we know all the current deals and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available through independent mortgage advisers like us. We are based in Salisbury in the South of England, but we can help no matter where you live in the UK.”
To speak to Adam about what sort of mortgage you can afford, ring him now on 01722 322683 or complete a contact us form and he will call you back. We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.