The number of people who purchased a home for the first time jumped up in November, compared to the year before, potentially indicating an improvement in the housing market.
Figures released by Your Move and Reeds Rains estate agents have shown that in November 2015, there was an increase of almost a quarter of first time buyers making a successful transaction year on year.. The figure increased by 23.7 per cent to 31,300 transactions, compared to November 2014.
This is the highest rate that first time buyers have been buying property since August 2007, before the financial crash, when 35,300 transactions were made.
These are not the only promising figures either. The average price for which a first time buyer paid for their new home was down from £155,745 in November 2014 to £148,385 in November 2015.
On the other hand, however, the average house price has increased across England and Wales, despite the fact that first time buyers are paying less for their homes.
The director of Your Move and Reeds Rains, Adrian Gill, commented that these “solid figures” were because of a combination of several factors, “the effect of the Government stimulus packages, such as the Help to Buy scheme, is one factor, while the lure of lower interest, higher loan to value lending is another.”
Once enough time has passed that the Help to Buy ISA scheme can begin making waves in the market, the figures may improve even more.