A boost in buyer confidence and new opportunities for first-time buyers
There’s been a positive shift in the UK housing market this spring, with new data showing a surprising rise in mortgage approvals in May 2025. According to the Bank of England, mortgage approvals climbed to 63,000 (up by around 2,400 from April) marking a key indicator that buyer confidence is returning as interest rates begin to ease.
For those looking to buy a property in Harrogate, this is welcome news. More approvals mean more borrowing options and greater accessibility to the property market, especially for first-time buyers.
First-time buyers leading the charge
Recent research from the Mortgage Advice Bureau revealed that 67% of borrowers purchasing a property in the last 12 months were first-time buyers. The average buyer is now 34 years old, with an annual income of £35,900, aiming to purchase a property valued at around £226,900.
Despite the economic headwinds of the past year, first-time buyers are proving to be incredibly resourceful:
•? ?Saving an average of £585 per month
•? ?Building deposits of around £24,500
•? ?Nearly half (47%) are purchasing alone
•? ?31% managing dependents as part of their housing needs
•? ?43% relying on additional income streams beyond salary to meet affordability
These figures point to a motivated and adaptable group of buyers entering the market, and here in Harrogate, that’s already becoming evident.
What does this mean locally?
At FSS, Harrogate’s leading estate agent, we’ve seen a noticeable increase in buyer enquiries over recent weeks, with more applicants securing mortgage agreements in principle and actively booking viewings. With strong demand across Harrogate and surrounding villages, now is a great time for sellers to consider listing and for buyers to act before competition increases further.
Our team is uniquely placed to guide you through the local market. We’ve built trusted relationships with experienced mortgage brokers, and we offer tailored support to first-time buyers, families upsizing, and landlords expanding their portfolios. As a full-service estate agency in Harrogate, FSS combines in-depth knowledge, personal service, and over 30 years of experience in the local market.
Thinking about buying or selling?
If you’re considering your next step on the property ladder or wondering what your home could be worth in today’s market, get in touch with our team for expert, no-pressure advice.
We're proud to be the estate agent Harrogate residents trust and we’ll be with you from first viewing to final keys in hand.