It is reported (29 July) that the number of people buying their first home has rocketed to the highest levels seen since 2007 thanks to low interest rates and increased support from the government.
This uplift in activity was something we had been expecting based on our first-time buyer events.
Over the series of events we have seen an increase in the proportion of buyers coming along for advice who have a deposit in place and buying their first home is much more within reach.
These figures represent positive news for markets across Edinburgh, the Lothians and Fife as it enforces the continuing upwards trend seen by ESPC in house sales over the second quarter of 2013.
During this period, ESPC has seen sales in this region reach the highest levels seen since 2008.
A third of the homes currently on the market with ESPC are priced at less than the stamp duty threshold, giving buyers plenty of choice without incurring this additional taxation charge. It’s also reported, by our members, that just one first-time buyer sale has the ability to help generate up to six sales further down the property line.
This ripple effect is a huge influence on activity across the board so the more first-time buyers able to climb onto the ladder, the better the market becomes for both buyers and sellers.
While it is always wise to remain cautious when discussing the housing market’s potential I feel it’s also important to celebrate the positive steps forward.
I believe this news is a further boost for the property market in Scotland and one which I hope will continue.