First-time buyer activity rose to 36 per cent of market activity in February, growing from 28 per cent in February 2016 according to the latest research from Connells Survey & Valuation.

The near zero base rate has ensured that mortgages remain more affordable than ever – with gross lending at its highest level since 2008.

First-time buyers now account for a third of activity in the property market during February (36 per cent) – the highest proportion since July 2011 and the highest in a February since 2010. John Bagshaw, Corporate Services Director of Connells Survey & Valuation, said, “Continued affordable mortgages have provided first time buyers with an ideal opportunity to take their first step onto the ladder in February. Lending to aspiring homeowners continues to rise, while the base rate remains so low. For those with enough savings for a deposit, now is a great ti

me to buy. Many are taking advantage of the opportunities on offer.” In contrast to the resurgent market for first-time buyers, the buy-to-let purchase market fell to a new low as purchases almost halved compared to February 2016 which recorded an upswing in activity ahead of the stamp duty surcharge, but buy-to-let purchases now represent just eight per cent of market activity – the lowest level for February in five years.