First-time buyer searches jumped up by 9.1% in September! This follows a 5.4% rise in August, meaning more and more people are looking to buy their first home.

This surge in interest comes as mortgage rates become more affordable. The average rate on a 5-year fixed mortgage is currently around 4.5%, making it a good time to lock in a deal. Plus, getting a mortgage is getting easier, with a record-breaking 64,900 mortgages approved in August.

Older buyers drive the trend

It’s not just youngsters looking to buy. Searches for “maximum age” for a mortgage shot up by 19.8% in September, and “maximum loan term” searches increased by a massive 27.9%! This shows that older buyers, who might have previously felt priced out of the market, are now seriously considering buying their first property.

Energy efficiency is key

With the cost of living still high, it’s no surprise that energy efficiency is front of mind for buyers. Searches for “EPC rating” – the energy performance certificate that shows how energy-efficient a property is – rocketed by 53.5% in September. This coincides with the 10% rise in the energy price cap that kicked in on 1st October, highlighting just how important energy bills are to potential buyers.

And it’s not just about saving the planet – it’s about saving cash! 61% of potential buyers say they’d be more likely to buy a home with a good EPC rating, according to the Mortgage Advice Bureau.

A positive outlook for the future

Kevin Roberts, at Legal & General Mortgage Services, says: “It’s great to see first-time buyer activity increasing as rates come down and affordability improves. 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.”

So, if you’re dreaming of owning your own place, now could be the perfect time to start looking!