Searches for ‘first-time buyer’ showed a 9.1% increase in September, building on a 5.4% rise in August, according to data from Legal & General Ignite.
The average rate on 5-year fixed mortgages is around 4.5%, and mortgage approvals reached their highest level in two years, with 64,900 approvals in August.
Searches for ‘maximum age’ climbed by 19.8%, while inquiries for ‘maximum loan term’ surged by 27.9% in September.
Legal & General Ignite previously noted a significant rise in 56 to 65-year-olds seeking their first properties earlier this year, a trend that appears to be continuing.
Searches for ‘EPC rating’ surged by 53.5% in September, which may connect to the 10% rise in the energy price cap, effective 1st October.
Data from the Mortgage Advice Bureau indicated that 61% of prospective buyers were more likely to consider a property with a good EPC rating.
Kevin Roberts, managing director at Legal & General Mortgage Services, said: “While there is still pent-up demand in the mortgage market, September’s results suggest that some of the activity is starting to kick into gear, providing a positive outlook for the remainder of 2024, going into early 2025.
“It’s great to see first-time buyer activity increasing as rates come down and affordability improves.
“And while affordability issues do remain overall, it’s encouraging to see that buyers aren’t being deterred by the possibility of having to save longer to afford the home of their dreams.”
Roberts added, “While activity looks set to increase towards the end of the year, it’s vitally important that brokers have the tech tools they need to find the most suitable products for their clients.
“At Legal & General, we continue to invest in our technology, talent, and processes to help streamline and optimise decision-making for our valued broker and lender partners.”
