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FTB sales hit seven-month high ahead of Brexit deal

Wednesday 30 October 2019

NAEA Propertymark’s September Housing Report has shown that sales to FTBs increased to the highest level seen since February. Year-on-year, this is an increase of 8 percentage points from September 2018 when it stood at 22 per cent.

The number of sales agreed fell, by 11 per cent, for the first time in four months.

The number of house hunters registered per estate agent branch decreased in September, from 433 to 387, however year-on-year housing demand is up. This rose from 338 house hunters per branch in September 2018.

Supply of housing is down, falling from 46 properties available per member branch in September 2018, and 44 in August 2019 to 40 this September.

Mark Hayward, Chief Executive, NAEA Propertymark comments: “Despite a fall in demand from house hunters, first-time buyers have continued to show resilience as they take advantage of favourable market conditions and drive their transactions forward. The recent mortgage data released from UK Finance shows the number of first-time buyer mortgage completions reached its highest monthly level in August 2019 since August 2007, further highlighting this trend.”

“Low or no stamp duty on lower priced properties have proved to be a big reason behind this boost in the FTB market, however they could also be concerned that the market may turn against them if a Brexit deal is achieved and are buying now to avoid that scenario. Until we are clearer on what the future holds, it’s likely we’ll continue seeing the number of first-time buyer sales rising.”

Read the full report