A 6.6% year-on-year growth in the number of fresh-to-the-market homes has been recorded; the highest figure since 2007, which is positive news for first-time buyers.
These are homes which are in the first-time buyer target sector of two bedrooms or fewer.
Buyers are taking full advantage of this uprising in supply, as Rightmove have recorded a 21% rise in website visits in the first working week of 2016 compared to last year’s figures, it has been revealed.
This is despite there being a 0.5% increase in the average price of a property coming to market compared against last years figures.
This marked increase in the amount of two or fewer bedroom properties on the market at the start of 2016 is due to more landlords selling up, combined with more first-time sellers rushing to market their home to take advantage of the first quarter surge.
Miles Shipside, Rightmove director commented on the positive findings for first-time buyers: “For first-time buyers there’s more fresh choice with more property coming to market in their target sector. With their asking prices pretty much the same as a month ago, perhaps the knock-on effects of the more punitive landlord tax regime have arrived early.”
“Rather than waiting until later in the year, having a good look around now while choice is up and interest rates remain unchanged could get you onto the ladder sooner and at an acceptable price,” he added.