First time buyers have boosted annual growth in housing market activity, despite a seasonally quiet month of July, new research shows.
According to chartered surveyors Connells Survey & Valuation, the total number of valuations carried out in July 2014 is 14 per cent higher than in July 2013.
That’s despite a seasonal slowdown of 21 per cent compared to June – in line with an average 22 per cent dip between each June and July since 2007.
Annual increases are led by first time buyer activity, which is up 23 per cent since July 2013.
First time buyers showed the smallest seasonal drop off of 17 per cent from June to July.
John Bagshaw, corporate services director of Connells Survey & Valuation, says the “motoring” economy is bringing with it renewed consumer confidence.
“Emphasis on first-time buyers from lenders – partly due to government schemes – appears to be getting people on to the property ladder.
“We’re not on an open road to prosperity yet. After the summer slowdown, there will be more clarification on the long-term impact of various potential speed bumps.
“The limiter could be interest rate rises – or the fundamental squeeze on affordability for many would-be buyers.
“But with consistent double-digit annual growth in activity, there is now a growing sense that the housing market is running more smoothly.”
Summer lull not stopping first-time buyers
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