January saw a jump in the number of first-time buyers leaping on to the housing ladder, according to the latest research from Connells Survey & Valuation.

In the first month of 2017, first-time buyer valuations rose by a fifth year-on-year (21%), driven by high employment and a rise in weekly earnings.This has increased the importance of first-time buyers to the overall housing market, with first-time buyers now responsible for a third of activity (34%), up from a quarter at the start of 2016 (25%).

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “With UK employment close to its eleven year high and weekly earnings rising by 3%, many first-time buyers are fitter financially than they were a year ago. Aided by cheap mortgage rates, aspiring home owners have seized the opportunity to get their first foot on the ladder. The demand for homes has been particularly high in January, with the Connells Group estate agency network for instance seeing nearly 12 applicants per each new instruction that comes onto the market.”

The firm added that the number of valuations carried out on behalf of people selling property rose 10% in January 2017, compared to the same month last year.