The UK housing market is off to a fast start for this spring and it seems could have a strong summer, according to housing market insiders.  First time buyers are coming out of the wood work and buying again thanks to continued government-backed programs and increased household incomes.  According to Rightmove, the average cost of a UK house has also increased in expectation of more confident buyers.

First time buyers have already made a strong statement for the year – they are back at the table to do business.  Lower interest mortgages have first timers coming back, along with other relevant factors.  Almost 20% more rookie buyers have been active compared with the same time last year.

Brian Murphy, Mortgage Advice Bureau head of lending, commented on the latest trend among first time buyers and others purchasing houses.  He said: “The total number of mortgages has risen more than 20 per cent since the FLS was launched, while the average fixed rate has dropped more than 0.5 per cent. We expect that trend to continue.”

Chris Love, with Mortgage Simplicity, commented on lenders loosening the reins on the tight hold which has existed on lending since the crisis, saying: “They have unleashed pent-up demand from first-time buyers, as many who put their dreams of ownership on hold are finally taking the plunge. First-time buyers have accounted for more than 40 per cent of mortgages for the last six months.”

Along with original loans, remortgage activity is estimated to increase in the upcoming months as well.