|
Monthly Transactions |
Average Purchase Price |
Average LTV |
|
|
November 2015 |
31,300 |
£148,385 |
83.4% |
|
October 2015 |
29,900 |
£153,035 |
83.1% |
|
1 month change |
4.7% |
-3.0% |
+0.3 (from 83.1%) |
|
3 month change |
17.2% |
-3.3% |
+0.8 (from 82.6%) |
|
1 year change |
23.7% |
-4.7% |
+0.6 (from 82.8%) |
The figure represents an annual increase of 23.7% – or 6,000 additional transactions – compared to November 2014, when the total number of first-time buyer sales stood at 25,300. November 2015’s monthly transactions figure is also the highest since August 2007 – before the economic downturn began – when the number of completed transactions for first-time buyers previously stood at 35,300.
November 2015 also saw first-time buyer transaction figures perform strongly on a three-month and monthly basis. Between August and November the number of people successfully taking their first step onto the property ladder grew by 17.2% – or 4,600. Similarly, the number of completed transactions in November rose by 4.7% month-on-month, representing 1,400 more first-time buyers than the previous month.
Adrian Gill, director of estate agents Your Move and Reeds Rains, comments: “First-time buyer numbers have enjoyed a strong twelve months. Despite a shaky start at the beginning of 2015 – as sluggish real-terms pay rises and worries about the health of the economy held back some – first-time buyers recovered their confidence in time for Christmas. They aren’t yet surfing on the rising tide of the British property market, but they have learnt to swim to catch up.
There are a number of factors behind these solid figures. The effect of Government stimulus packages, such as the Help to Buy scheme, is one factor, while the lure of lower interest, higher LTV lending is another. What is perhaps a more important factor however is that over 2015 first-time buyers have become increasingly cost-savvy and determined when it comes to finding their ideal home. The days are over when those who wanted to get a foot on the ladder would take a look in an estate agent’s window, before giving up due to property price panic. Instead, first-time buyers are now doing their research – weeding out the best value-for-money properties in their desired area – and driving a hard bargain to get what they want. They deserve to end the year with the quiet confidence that their determination has paid off.”
