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Figure 1: Percentage of sales to first-time buyers
Chief Executive
“Every year the housing market slows down over the summer. The kids are off school, it’s warm outside, and the allure of a few weeks on the beach is more attractive than house-hunting or trying to sell your home. Last month we saw FTBs taking advantage of these market conditions, with sales to the group rising to 30 per cent, and while we expected this to be short-lived, we hoped it would at least last the summer.
“In September, buyers typically storm the market in a bid to complete sales in time for Christmas. However, it looks like this year’s heatwave encouraged more house-hunters to stay at home in August and continue their searches, which has in turn increased competition and pushed FTBs out of negotiations.”