Two big national survey and valuation firms have said that first-time buying activity is showing some signs of strength as the end of the Stamp Duty holiday nears.
Connells Survey and Valuation said while demand from first-time buyers was down 2% on a monthly basis, it was up 52% over the year. Last month, valuations completed for first-time buyers represented 32% of all valuations completed by the firm.
The total number of residential valuations it conducted last month was 15% down on December, although 43% up on January last year.
Remortgaging valuations accounted for 26% of all valuations.
Meanwhile, e.surv, part of LSL, forecast that 15,329 first-time buyers were lent mortgages in January – the highest since March 2008 and a 31% rise from January last year.
It based the forecast on its own activity.
The firm is forecasting an overall 58,610 mortgages in January.
However, e.surv’s Richard Sexton said that year-on-year comparisons were misleading: “The early months of 2011 were so weak that the year-on-year growth in January is more an indictment on how suppressed lending was a year ago than a sign of a vibrant market.
“First-time buyers are still low by historic standards.”
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Comments
Brit- Can you explain why in your view agents will over rpice, how do they make monry doing that?
If you need advice on your local market please call your local Estate Agent who will be only too happy to give you a biased unbalanced view of your likely selling price.
Chas you need to sit on it and not talk out of it. We EA's give high values to not sell property? How are we to make money you moron. Get a life you parasite.
FBA seems to have the right idea.
Rodders and Brit1234 the same advice to you as to Chas. Sit on it you nerds.
The others are EA's generally being sensible.
“First-time buyers are still low by historic standards.” Dont know any EA that did not know this or anyone else for that matter.
Shock horror some FTBs rush to beat the stamp duty deadline. Shock horror FTBs plummet after the stamp duty deadline.
Lots of us and enjoying these continual house price falls.
'fraid not FBA, for some reason it didn't like the 'less than' symbol so you've missed out on what could well have been my finest blog ever, more's the pity.
My point being that where you may see this as the market returning to normality I see it as simply a blip. March will see a large increase in transactions. April will see a large slump in transactions.
A fine is a tax for doing something wrong.
A tax is a fine for doing something right.
For every financial problem our country faces there is a tax solution which is straightforward, uncomplicated and wrong.
Osborne is considering a bill that would tax Botox. When Botox users heard this, they were horrified. Well, I think they were horrified. It's difficult to tell."
Did he die of heart attack,
bursting a bllod vessel mid typo?
FBA, it's hardly rocket science is it. In fact I said that this very phenomenon would occur. As Rant says this is no different to the previous two stamp duty changes in April 11 for £1mil> properties and in Dec 09 for
What happened to sales of property affected by the imposition of the new higher stamp duty last year? They peaked in the months before and troughed straight after.
The reimposition of the lower level is likely to put a ceiling on properties at £125K and drag those with asking prices up to £145K underneath it.
Is this EA Today or Propaganda R US?
Jeez how tedious. Typical sales person pissing contest. I get enough of that from the guys next door.
The market is tough, but sales are still going through. An increase in FTB mortgage approvals is very encouraging, we'll see how long it continues beyond 24 March.
Transaction numbers are lower at the moment. But agents are still here, still in business and delivering a good service to keep the market moving. The sales volumes we have seen during and post recession are pretty good, when you actually put it into perspective.
I think the frustrating thing for the HPCs is that there are not enough vendors over a barrell to offer 'cost cutter' prices.
To back FBA up, we are currently selling more than we are listing and I am beginning to worry that we will soon run out of stock. Buyers are not hunting in droves - those days are gone - however buyer numbers are on the up and in a sustainable fashion.
Prices are stable and whilst I'm not expecting them to drop significantly in the near future I'm not expecting them to go soring up any time soon either.
Dear Vendors
There are also some desperate, paranoid EA's who lurk on this site. Beware of their siren song.
You may have thought they'd be spending time trying to sell your house but no, it's minesweeper and surfing the internet for them. Cushty.
Only a mug would try to sell into this market. You will lose your shirt.
Getting it in perspective.
If you are a vendor or potential vendor reading comments on this site, please do not worry.
There are perhaps 10 or so of these irritating HPC’ers who have latched on to this informative Estate Agency website and forum to spout unmitigated dribble regarding their personal desires to see UK residential property prices reduce. It seems they believe they can influence the whole of the UK market with a sustained campaign on this website. Anyone related to the industry in a professional capacity will absolutely understand how futile their campaign is and the reasons why.
If you need advice on your local market please call your local Estate Agent who will be only too happy to give you an unbiased balanced view of your likely selling price.
Your selling price may differ somewhat to your asking price. Your agent will discuss this with you also.
Things are on the up?
What a laugh. EA's have been spouting this cr@p for about 4 years now. Market about to return to normal blah, blah, blah. Meanwhile in the real world asking prices continue to be slashed from the fatasy valuations they give to vendors.
Regarding the figures, sales are obviously being borrowed from the future. Exactky the same as with the car scrappage scheme. Expect a corresponding slump after the deadline passes.
Bon chance.
This story should get those pesky HPC'ers flocking in droves to dispute the facts.
Please would all potential vendors ignore their idiotic bleating because the market is not going in their favour.
Please seek the professional unbiased advice of your local estate agent to establish the saleability and potential selling price if you are thinking of selling at this time.
Have a great day.
Things are on the up.