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.
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.”