First-time buyer sales rose at their fastest rate in November since August 2007 as the cost of owning a first home continued to fall.
An estimated 31,300 first-time purchases were completed in November, up 23.7 per cent on the same month last year, according to figures released today by estate agents Your Move and Reeds Rains.
The average purchase price of a first home dropped by 4.7 per cent over the year to £148,385, the first annual fall since March 2013.
Deposit costs also declined by 4.2 per cent annually to £24,598, taking the average loan to value ratio for first-time buyers to 83.4 per cent.
Adrian Gill, director of Reeds Rains and Your Move said: “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 [loantovalue] 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.”