The number of first time buyers rose by just under a quarter in November, according to figures from Your Move and Reeds Rains.
In November 2015 31,300 transactions on properties were made by first time purchasers. This is roughly 6,000 more people who managed to purchase a property than in November 2014, an increase of 23.7 per cent.
This high transaction figure is promising; it is the highest rate of first time buyers purchasing that has been seen since August 2007, when the number of completed transactions stood at 35,300.
The average price which a first time buyer is buying a property at has also dropped, reportedly. November 2014 saw an average cost of £155,745, while a year later saw £148,385.
However, this is just for first time buyers. Across England and Wales, apparently the average value of all properties rose by 6.0 per cent to £290,640.
Adrian Gill, the director of Your Move and Reeds Rains, described these number as “solid figures” and said that they were the result of a number of factors. “The effect of 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.”
