Thursday, November 24, 2011
The number of sales to First Time Buyers decreased to its lowest
level in nearly three years during October, according to estate
agents.
The National Association of Estate Agents'
(NAEA) market
report for October shows that just 16 per cent of overall sales
made last month went to this sector, compared with 22 per cent in
September.
This is the biggest slump recorded by the NAEA
in nearly three years - December 2008 was the last time agents
reported such a decrease, when FTBs made up just 10 per cent of the
market share.
The number of house hunters registering at branches across the
country also decreased slightly, with 305 per branch in October
compared with 308 in September.
Overall sales remained consistent across the property market in
October, with an average of 8 per branch. Similarly, supply levels
remained in-line with figures in September, with 72 houses
available.
NAEA President Wendy Evans-Scott said: "This week's housing
strategy announcement from the Government is welcome news for first
time buyers. But our latest figures show that despite reported
increases in mortgage approvals by the larger UK banks over the
course of 2011, there is still a lending barrier facing those
entering the housing market for the first time. To address this
Government could ensure that banks are given clearer incentives to
offer mortgage finance to the UK's embattled first-time buyers, and
also extend the mortgage guarantee for first time buyers announced
this week beyond just new build homes."
Find the October Market Report here.