Record Sales to First Time Buyers in Bounce Back Market.
Almost a third of total sales in October were to first time buyers according to the National Association of Estate Agents - that’s the highest proportion on record.
Some 32 per cent of total sales made were to FTBs, representing a nine per cent rise from September and the highest number since records began 16 years ago in 2000.
The last time the number of sales to FTBs was at a similar level was in October last year, when the figure hit 31 per cent.
Across all sales, the number agreed in October remained that same as in September - an average of nine per branch.
The number of properties available on average per branch in October was 43. This is an increase of 7.5 per cent from September and the highest recorded since March this year.
In October, the average number of house hunters increased by 32 per cent from 333 to 440 registered per member branch. This is the highest level recorded since February this year, when there were 463 prospective buyers on estate agents’ books.
“This month’s report paints a positive picture for the market. Our findings over the last few months indicated mild uncertainty immediately following Brexit – and last month we even saw sales to FTBs fall. After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales to FTBS this month – proof the market is beginning to bounce back” says Mark Hayward, the association’s managing director.
But Hayward says a government plan on how to tackle the housing shortage is badly needed.
“During the Autumn Statement, the Chancellor announced a boost to house-building which is a start but sadly nowhere near enough. We have high hopes for the Housing White Paper as this will set the housing strategy and intent for this government going forward” he says.