First Time Buyers – Drop Out of Market

First Time Buyer Help and Information_01
Image by myfirsthome via Flickr

Source: naea.co.uk

The quantity of first time purchasers looking to get on the property ladder has hit its lowest level for twelve months as reported by the National Association of Estate Agents (NAEA).

In a monthly market survey of the NAEA members it was found that in November, only 19% of registered buyers were First Time Buyer (FTBs), the lowest since December 2008 when levels plummeted to 11%.

This figure blanches in comparison to six months ago when 43% of the market was made up of FTBs.

The president of the NAEA Gary Smith said: “The decline in the first time buyer segment is exactly what the NAEA anticipated and warned the Government about some months ago. Any tax holidays result in a distortion in the market and in the case of Stamp Duty needed to carefully managed and phased out rather than falling of a cliff. Unfortunately as first time buyers often form the foundation of selling chains there could be repercussion throughout the sector.”

Given the seasonal letup the number of sales remained steady in November with an average of eight sales made per branch. While the average number of properties available for sale per branch increased slightly from 57 in October to 58 in November.

Gary Smith added: “It is encouraging to see that the market is in a stronger and more stable position than it was twelve months ago. To sustain these improvements, the Government should put more pressure on banks to ensure lending is available.”


Bitcoin: 1GfqDHDXvh1ET3AZJpRiwFnYpfbS37SwFa


Litecoin:LQmpFDR91MpnFZoYjUPPWzaC7VJJ2ZRPJD

Comments on this entry are closed.


x

Related Posts

How to buy a house with no money down
How to buy a house with no money down - Buying a house on installment terms or through mortgage always poses a problem of coming up with a down p...
Get The Most For Your Money When Buying Real Estate (Real Estate Buying)
Get The Most For Your Money When Buying Real Estate (Real Estate Buying)If you want information concerning purchasing real estate, you've come to...
Tips And Tricks For Real Estate Investment Success
Tips And Tricks For Real Estate Investment SuccessReal Estate Investment - Getting started investing in real estate as a career is something that...
powered by RelatedPosts