Forget the Boxing Day boost, next Monday could be the start of the “first-time buyer boom.”
Mortgage technology company Twenty7tec has identified 8 January as the day when there will be a spike in demand for home loans from first-time buyers and potentially viewing requests.
It comes as Rightmove revealed that record numbers of homes were put on the market on Boxing Day.
Nathan Reilly, director of Twenty7tec, has claimed that first-time buyers usually drop out of the market in November and December but return and start looking for deals around 10 January.
With a record of houses being on the market from Boxing Day, Reilly suggests 8 January January will be the big day for the first-time buyer boom.
He said: "A Boxing Day spike in properties coming onto the market tends to hit advisers in early January.
“This is fuelled by first time buyers, who largely leave the market in November, returning with gusto.
“Last year we saw that January was the second busiest month of the year for first time buyers and January, February and March were the three busiest months of the year for first time buyers mortgage searches."
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Many of the 'new' instructions were in fact 'old' instructions having changed agency. And there is still a large amount of properties which just sit there month after month. Lenders are putting out teaser fixed rates sub 4.5% but in fact they are 6.1% plus once you analyse the whole deal, and the CALC and rising unemployment is still a choke hold. Not to mention a rudderless government.
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