New figures from the financial services division of haart, the UK independent estate agent, show that the volume of mortgage applications for first time buyers rose 8% last month compared with the previous month as they look to complete their purchase before the deadline of March, announced by the Chancellor George Osborne in his Pre-Budget Report last year.
What's more, the majority of first time buyers are also opting for either two, three or five year fixed rate mortgages at the expense of similar tracker mortgages.
David Miles, Managing Director of haart Financial Services said:
"We have seen a real surge in activity in recent weeks as the deadline for the end of Stamp Duty relief on properties below £250,000 for first time buyers comes to an end and we expect this to continue right up until March 24."
