First-time Buyer Activity Increased in November

According to the latest Housing Market Activity Report by Connells Survey and Valuation, demand for UK property from first-time buyers has risen lately.

In the opinion of property experts, this can be explained by several factors. One of them in improved availability of high loan-to-value ratio mortgages. Let's remind that last months many British lenders have introduced 90% LTV mortgage deals. Another one is house prices, which have been steadily declining in the past months, thus improving house affordability for first-time buyers. Finally, it is the decision of the Chancellor to end stamp duty holiday for first-time buyers, which made this group of borrowers to quickly secure mortgage finance and get on the property ladder.

Commenting on the findings, John Bagshaw of Connells, said: "in November first time buyers exploited a short window of opportunity as rates for higher LTV mortgages improved briefly. With house prices steadily declining, affordability has improved for new buyers, many of those able to secure mortgages have been acting quickly to complete before Christmas."