– the highest proportion since July 2011.
First-time buyer activity rises to 36 per cent of activity in February, growing from 28 per cent the previous year, according to the latest research from Connells Survey & Valuation.
The low base rate has ensured that mortgages remain more affordable than ever – with gross lending at its highest level since 2008.
John Bagshaw, Corporate Services Director of Connells Survey & Valuation, said, “Continued affordable mortgages have provided first time buyers with an ideal opportunity to take their first step onto the ladder in February. Lending to aspiring homeowners continues to rise, while the base rate remains so low. For those with enough savings for a deposit, now is a great time to buy. Many are taking advantage of the opportunities on offer.” However, buy-to-let purchases now represent just eight per cent of market activity – the lowest level for February in five years.
Is it now time for you to get on the property ladder and buy your first property?
Under 25? Check out our last blog post.