Research confirms the sharp increase in first time buyers returning to the housing market during 2013. The increase was reportedly a staggering 22%, which represents the largest annual increase in more than a decade.
The data released by the Halifax reveals that during 2013, there were an estimated 265,000 first time buyers, substantially higher than the 218,000 first time buyers that were estimated during 2012.
The introduction of 95% mortgage availability from the Governments Help-to-Buy scheme has been a contributing factor in allowing more first time buyers to take their first steps on to the property ladder.
In September 2012 the Nationwide reported that the gap between house prices in northern and southern England has moved above £100,000 for the first time. A typical property in the South East of England, is more than £100,000, or 74%, higher than a home in the North of England.
Prices in Scotland, Wales and the North of England are far from levels seen during the housing boom, with prices still 12% to 14% lower than the previous peaks, according to the Nationwide’s data.
Increased mortgage availability and affordable house prices in the North West, have provided an opportunity for the regions first time buyers. The increased sales involving first time buyers, have then in turn released many second time buyers into the market further aiding the housing markets road to recovery.
During the month of December Ryder and Dutton achieved sales figures to rival any December on record, even taking into account the peak of the market!