Although there has been much talk about the number of buy to let buyers rushing to purchase before the April stamp tax deadline, first time buyers are making waves themselves as the group was quite active during the month of March. According to figures from Connells Survey & Valuation, first timer buying activity increased more than 40% compared with the month prior. Increase in buyer activity of 15% was posted in March compared with the same month last year.

Remortgage activity also sustained a high level during the month as well. An increase of more than 20% month on month was realised as well as a 30% increase year on year. This was a bit of a surprise to many close to the market as interest rates connected to remortgage deals are not as attractive now compared with earlier in the year.

John Bagshaw, corporate services director commented on the latest figures stemming from the month of March, saying: “The Help to Buy scheme has become more widely recognized and used by those who need a little help getting the capital together to fund a mortgage for a first home. Equally, more first time buyers are taking advantage of special first time buyer discounts on certain properties, which has helped those on lower incomes step onto the ladder.”

He continued: “Those seeking to move up the property ladder are making solid strides this month. With home values high and continuing to increase across all parts of the country, albeit at an uneven pace, many property owners may view it as a good time to either upscale to something bigger and better or downsize and enjoy the surplus capital.”

Bagshaw remarked on the active month of remortgaging, saying: “The remortgaging sector has also enjoyed an energetic March. The rates of growth have come down somewhat from what we were seeing in previous months, as those looking to remortgage to fund a second home take a step back to re-assess and absorb the stamp duty changes.

“But with the average mortgage rate still very low and no Bank of England rate rise on the horizon many are taking advantage of the bargain rates in order to release capital on their home or switch to a better mortgage deal.”