In May first-time buyer registrations dropped by 3% in haart branches while buy-to-let sales rose by 19%.
First-time buyer activity dropped in March as buy-to-let investors swept the market, haart data indicates.
In May first-time buyer registrations dropped by 3% in haart branches while buy-to-let sales rose by 19%.
Paul Smith, chief executive of haart, said: “First-time buyers saw intense competition from buy-to-let investors in March, and many were squeezed out of the market.
“First-time buyers are also under pressure to spend more, with the price of starter homes up almost 13% on last year, and average mortgages rising by an extra £18,318. Deposits were also up 5% on last year, making it even more difficult for people looking for their first home to get onto the ladder.
“However it’s likely that first-time buyers have only been temporarily deterred by the level of competition."
