I was pleased to read on the BBC website that more first time buyers took out mortgages in 2017 than in any year since 2006.

In terms of actual figures that means there were 365,000 first time buyers in the UK last year, an increase of 7.4% over 2016, according to UK Finance.

Meanwhile, figures from the Office of National Statistics (ONS) showed that the rise in price for the first time buyer market was 4.8%, which was less than the overall average house price increase of 5.2%.

According to UK Finance, the average age of a first time buyer was 30 with an annual income, either singly or jointly, of £41,000. The average home mover was aged 39 with an annual income of £55,000. The total of people moving home dropped by 3% compared with 2016.

ONS figures estimate the average house price was £226,756 with values rising faster than other prices in terms of inflation. It is estimated that house prices have grown by 22% more than earnings between 2012 and 2017.

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Covid -19 Lockdown Update

We hope you are all staying well and safe in these very confusing times.

We are very pleased to say that with the impending second lockdown restrictions we are able to stay open and can fully function.  It just goes to show how important to the Government and the economy the residential property market is.

It is not yet confirmed as to whether our branches will be open to the public, but we can be contacted by telephone or email. 

In Summary this means

  • Buyers, sellers and tenants will continue to be able to move.
  • Removal firms, although busy are able to operate.
  • We can arrange valuations and do viewings on properties (subject to strict PPE being in place)
  • Surveyors and valuers for mortgage purposes will continue to work.

In the meantime, we will continue to follow the covid-19 safety guidelines:

  • Face coverings to be worn on all viewings.
  • Hand sanistiser to be used before entering a property.
  • Avoid touching any surfaces.
  • Viewing time is limited to 15 minutes inside the property.
  • No more than two households inside the property at any one time. This includes the agent accompanying.
  • No children permitted at viewings unless they are young enough to be carried. (Children are likely to touch surfaces).

This is good news for the property market and we will keep you updated as soon as there are any further developments.