First time buyers drive a 20% surge in prime London demand?
Mon 01 Jun 2015
Overall demand for prime London homes shot up by 20 per cent in Q1, says Marsh & Parsons with first-time buyers and investors each accounting for nearly a third of sales. the escalation has caused mortgage funded transcations to jump by 17 per cent in the past three months. As a result other unit sizes; one-bedroom values have risen by 5 per cent (75 a day in the past year) compared with 1.7 per cent annual growth across the market as a whole.
Marsh & Parsons is now reporting that its ratio of registered buyers property has risen from ten in December 2014 to 12 in March in 2014.
'First time buyers have been riding a wave of fortuous circumstances recently- with almost unheard of mortgage rates, reduced up front stamp duty costs, a nd support schemes such as the Help to Buy ISA inflating confidence. 'Combined with a more accessible pace of property price growth so far in 2015, many more have been able to take the plunge into the property market. However, there is and has always been, some aspirational prime central areas that are out of grasp for new buyers and will remain an investment stronghold.'