45% less homes on Stamford housing market since last year, says property agent
1 in 10 of all property transactions are from first-time buyers, new research shows
The post-pandemic housing market has been "on fire" in Stamford, and first-time buyers are definitely apart of it despite record-high house prices.
It comes after new research from property advisers Stipendium shows that 1 in 10 of all market transactions last year were made by those purchasing their first home.
James Dawnson, from Rosedale Property Agents, says younger people aren't totally dissuaded from the more expensive Stamford market:
'There definitely is a very similar figure, I'd say, in the Stamford property market, maybe it's slightly less than one in ten but it's certainly up there.'
The property market has been on fire, however it has slowed down at certain points with not many properties coming to the market, we're still sat at the moment with round about 45% less properties on the market than this time last year in Stamford.'
'Without question there is still a boom, how long is that going to last? Well, no one has a crystal ball, but I'd certainly say it's still going to be there for at least 6-9 months.'
The bigger picture
New data shows that out of just over 1 million property transactions last year 110,700 came from those buying their first home, meaning that first-time buyers accounted for 11.1% of total market activity.
Mr Dawnson told us why that might be:
'Across the UK, certainly the increased incentive of mortgage rates tends to be a good reason as to why there has been an increase in first-time buyers activity.'
In the East of England, there was an above-average number of first-time buyers, who accounted for 12.3% of transactions in the region last year.