In March the number of valuations taken out by first-time buyers increased by 41% from the previous month and 15% from March 2015.
First-time buyer activity increased in March to counteract a dip in buy-to-let activity, research from Connells Survey & Valuation has revealed.
In March the number of valuations taken out by first-time buyers increased by 41% from the previous month and 15% from March 2015.
At the same time the stamp duty rush ended, as buy-to-let valuations dropped by 27% between February and March 2016 and 36% year-on-year.
Overall housing valuations rose by 21% month-on-month and 8% from last year.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “March’s solid topline figure demonstrates the hardiness of the housing market, largely driven by first-time buyer activity.
"A significant reason for the first-time buyer resurgence is the increased uptake of government plans designed to assist the bottom of the market.
“The Help to Buy scheme has become more widely recognized and used by those who need a little help getting the capital together to fund a mortgage for a first home.
“Equally, more first-time buyers are taking advantage of special first-time buyer discounts on certain properties, which has helped those on lower incomes step onto the ladder. While first-time buyer confidence continues to flourish, there’s every reason to be optimistic about the path the housing market is on.”
Remortgage and homemover activity rose by 25% and 27% from February 2016 and 33% and 4% from March last year.
