25th April 2023

First Time Buyers (FTB’s) – Are you ready to move? We can help you get there.

If you’re looking to exit the rental market and you’re ready to buy your first home, Target Property NE can help you secure your mortgage for free, so please get in touch:

• We’re now starting to see prices increase again slowly with the average price of property coming to market rising by 0.2% (+£890) this month in April, lower than the average of 1.2% traditionally at this time of year, as new sellers heed their agents’ advice to price cautiously and tempt Spring buyers, and this can only improve.
• Despite the economic headwinds, first-time-buyer type properties have singularly hit a new record price of £224,963 this month:
  • Faced with record rents, buying is still compelling for those FTB’s who are able to clear the mortgage and deposit hurdles
  • The average first-time-buyer mortgage rate for a 5-year fixed and a 15% deposit mortgage has now fallen to 4.46%, with the lowest rate for this mortgage type currently at 4.19%
• Sales agreed numbers have recovered to now be in line with the more normal pre-pandemic market of March 2019, and have also exceeded last September’s level, after which they plunged by 21% following the mini-Budget aftershocks:
  • The first-time-buyer sector (two bedrooms and fewer) leads this recovery, with agreed sales now 4% higher than in March 2019, while the second-stepper sector remains 4% behind, and the top-of-the-ladder sector 3% behind.
  • And for Landlord’s out there contemplating selling your rentals, right now could be a good time with FTB’s out there waiting in the wings with better deals available.

Thinking about moving? Think Target Property NE