Despite the uncertainty that shook the property market during the autumn of 2022, the first quarter of this year has seen a big spike in mortgage applications made by first-time buyers. According to First Direct, applications across the market have jumped by 36% from January to February.
Even though the figures aren’t quite as high as in preceding years, they do show that the housing market is continuing to grow and stabilise, even after a rise in interest rates.
Of course, this is encouraging news for sellers, who may have been putting their moving plans on hold. And with buyer demand increasing as we head through spring and towards summer, house prices will likely remain resilient for the time being.