According to Rightmove, a window of opportunity has emerged for first time buyers in 2017. The website states that the number of small properties available on the market has increased by 1.9% compared to 2016. It is thought that this spike in availability has been caused by an increase in tax for buyers wishing to purchase a second property, leading to rush in 2016 followed by a lull in 2017. Rightmove has also stated that general demand seems to have increased, with 5% increase in traffic year-on-year compared to a comparable period.
Key Takeaways:
- 2017 is shaping up to be a good time for first-time buyers to get on the property ladder.
- Number of smaller properties for sale with two bedrooms or fewer is up by 1.9% compared to a year ago.
- Reduced competition from landlords and buy-to-let investors may mean a good opportunity for first-time buyers.
“Those planning to buy their first home in 2017 have more choice of properties and less competition from other buyers than their counterparts a year ago.”