First time buyers on the increase

Typical property for the average price in Rochdale

Property transactions have reached their highest level in over two-and-a-half years, and first time buyer levels have hit a four-year high, according to The Royal Institute of Chartered Surveyors (RICS).

RICS monthly market survey hints at improved conditions for the housing market and this has also been backed up with an increase in the number of first time buyers looking to make their first steps on the property ladder.

A spokesman for local estate agents Ryder & Dutton said: "Previously, it was felt that buyers have been holding off moving until they sensed a more stable property market, yet we are now seeing more activity from house hunters and new buyers looking to enter the property market."

According to Government figures, the average first-time buyer property costs £173,000 and a 10 per cent deposit would cost £17,300, however, regionally purchasers are able to buy a property at a more affordable asking price than the national figures, which take into account the London housing market with its higher property prices.

The RICS survey says that surveyors are “cautiously optimistic” that the uplift in sales will continue.

Peter Bolton King, RICS global residential director, said: “It’s encouraging to see that the housing market now appears to be picking up across most parts of the UK despite ongoing concerns about the health of the economy."