Recent figures show the level of sales to first time buyers (FTBs) was the highest since records began 16 years ago in 2000, according to the National Association of Estate Agents (NAEA) Housing Market report.
32% of all home sales were made to FTBs in October, a 9% growth from September. A high proportion of sales at a similarly high level for FTBs, was also witnessed last October where they reached 31%.
At an average of nine per branch, the number of sales agreed remained consistent and stayed the same in October.
Average property availability per branch was 43 in October. In comparison to September, this is a rise of 7.5% and since March this year, the highest number recorded.
The average number of those seeking to buy a home also grew by 32% in October, from 330 registered per member branch to 440. This figure is the highest recorded since February of this year where the number of potential buyers on estate agent books reached 463.
Commenting on the figures was Mark Hayward. The Managing Director for the NAEA expressed that the findings indicated a shift away from referendum related uncertainty, and a need for the Government to address supply levels: “This month’s report paints a positive picture for the UK housing 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.
“Clearly what we need now though is a clear plan as to how the Government is going to tackle the chronic shortage of homes that we are facing. 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.”
