Sales to first time buyers at highest level on record

A third of total sales made in October were to first time buyers (FTBs). A nine per cent rise from September and the highest number since records began 16 years ago.

Supply and demand also increased this month. Available properties were up to 43 on average per branch, an increase of 7.5%, and the number of prospective buyers on estate agent’s books jumped 32% from September up to 440.

Monthly UK Housing Market Report – view the report here.

“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.”

Article origin: Mark Hayward FNAEA, Managing Director, NAEA