Sales to first-time buyers on a high
House sales to first-time buyers accounted for a significant 31% of total sales in October – the highest since August 2009 – according to the latest housing market report from the National Association of Estate Agents (NAEA).
In August those making their first foray onto the property ladder accounted for just a fifth of sales, so this is a huge rise in a short space of time, and the highest proportion of sales in six years.
On average each estate agent branch made nine sales in October, a monthly increase of 16%, with three of those sales being to first-time buyers.
Mark Hayward, managing director of the NAEA, said: “It’s really promising that, for the second month running, the number of sales being made to first-time buyers has risen. Competitive mortgage products and the increasing pressure of an interest rate rise could be encouraging first steppers to take the plunge, as well as the dwindling supply of rental housing stock – putting pressure on renters to buy.
“Those selling their homes are keen to push through sales before Christmas, hence the uplift in properties entering the market – but with the average sale taking between nine and 12 weeks, it’s unlikely transactions will be pushed through before Christmas now. Buyers are holding off until January to kick off the New Year with a house-hunt.”