“August was very slow for purchases but September has been positive, with lots of clients finding their dream home and many first-time buyers deciding now is the right time for them to buy, as the property they wanted has dropped to within budget,” she said.

From what Wells has seen, the majority of first-time buyers are buying two, three or four bedroom houses, which she added have the possibility of a drop in value in the short term. However, Wells said most of these clients are switching from renting to buying and will live in the property for over five years, by which time she believes the property market will have settled, and the worst case is the home has returned to the value it was purchased at, so it is unlikely for there to be any monetary loss.

Product transfers

David Walsh (pictured right), director at Kite Mortgages, said there has been a significant increase in product transfer enquiries, which he believes is the result of lenders extending the earliest date of application from three to six months.

“This has coincided with many lenders improving choices around cancelling a product transfer application once offered,” he said.

With rate changes being what they have been, Walsh said locking in a rate as early as possible is in the clients’ best interest.