First-time home buyers come roaring back despite investor surge in March

 
Jake Cordell
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More people got their first set of front door keys in March than in any month since 2014
More people got their first set of front door keys in March than in any month since 2014 (Source: Getty)

The number of first-time buyers soared to its highest level in nearly two years last month, according to Your Move, in a new study which counters claims that a surge in buy to let investors has squeezed out homeowners.

Homes bought by newbies rose by 48 per cent between February and March to a total of 32,500, according to the first time buyer tracker, the most purchases in a single month since June 2014.

The average price paid by first time buyers also dipped by one per cent to around £167,000 as experts suggested the new homeowners came in at the bottom end of the market.

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The figures stand in contrast to other surveys which showed a surge in the number of investors that bought homes in March.

Adrian Gill, director of Your Move and Reed Rains said the growing interest was here to stay: “Much was made of March being the month of the buy to let landlord and the second home owner.

“To an extent that was true – but it’s now clear none of that interest was at the expense of the bottom rungs of the ladder. Would-be first-time buyers are clamouring to own their own home, and we are seeing a sustained surge in demand for suitable homes this spring.”

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