First-time buyer sales hit 7 month highMake Text Bigger
NAEA Propertymark has now released its September Housing Report and the number of sales made to First-time buyers increased in September, to 30%. This is the highest figure seen since February.
Year on year, this is an increase of 36 percentage points from September 2018 when it stood at 22%.
However, the number of house hunters registered per estate agent branch decreased in September, from 433 to 38, but still rising from 338 house hunters per branch in September 2018.
Mark Hayward, Chief Executive, NAEA Propertymark said:
“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.”
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