A survey has revealed the trend of first time buyers returning to the market - enjoying the benefit from the fall of housing prices and the lower interest rates. For the past 11 consecutive months, first-time buyers’ enquiries within the property market have increased significantly - particularly in August.
Reports showed that about 13% of all new enquiries within the market were from the first-time buyers. The biggest proportion can be seen in the Northwest with 23% of new enquiries coming from first-time buyers. In contrast, the smallest proportion was only 6% in East Anglia.
In addition, the UK’s biggest property website found that 65% of first-time buyers believed now is the most appropriate time to purchase in the property market - compared to less than 10% who thought now is a bad time to buy.
Other than that, research suggests that landlords are now buying more property in the last 3 months - as 2% more surveyors reported an increase in the buy-to-let demands in the 3 months to September. Furthermore, Investors now prefer houses over city-centre flats, with 5% of surveyors reporting an increase in houses and 15% reporting a sharp drop for flats at the same time. Yet, the Midlands has recorded the weakest demand throughout the country and once again, the Northwest was recorded to have the strongest demands.
The property industry, especially the buy-to-let market, seems to be reviving under the tough economic climate. Landlords are now boosting their portfolio from an average of 6.3 properties per landlord to 7 in less than a year. Landlords and first-time buyers - while buying a new property - should be reminded to obtain landlord insurance and home insurance for their properties respectively.
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