In February first-time buyer registrations rose by 22.7% year-on-year and 7.6% from January.
First-time buyer demand rocketed in February as the buy-to-let market began to cool, haart’s National Housing Market Monitor has revealed.
In February first-time buyer registrations rose by 22.7% year-on-year and 7.6% from January.
The demographic typically paid £176,281 for homes, a 9.8% annual increase, or nearly £16,000 in just one year.
Paul Smith, chief executive of haart, said: “First-time buyers flooded the market in February. However as demand from first-time buyers has increased, so have prices.
“The buy-to-let market began to cool in February as most landlords sought to finalise their purchase before March, allowing time to complete before the April deadline for new rules on stamp duty.
“However despite the temporary lull in the buy-to-let market, there is no reprieve for first-time buyers, who are still facing intense competition for properties.
“A shortage of new homes coming on to the market is still making their property search difficult, and today’s data shows that competition for properties will only increase as we enter spring, which is one of the most popular times to buy a new home.”
