First Time Buyers on the Up
First time buyers represented around a quarter of property sales during April, up from 22% in March, revealed the April Housing Report from the National Association of Estate Agents (NAEA).
Over half of NAEA member agents forecast house price rises for the next five years, which could force the number of first time buyers back down.
The document also uncovered that in the run up to the general election, demand in April was similar to March, with 344 prospective buyers registered per branch, from 343 in March.
Supply decreased in April, with only 43 homes available per branch, down from 48 in March.
Managing Director of the NAEA, Mark Hayward, says: “The market is notoriously tough for first time buyers; house prices continue to increase and lenders have tight and restrictive lending criteria.
“Whilst this month’s figures are positive and a step in the right direction, I’d like to think that with the help of 200,000 new starter homes and the Help to Buy ISA, first time buyers will be given even more help to get their foot on the ladder. However, these things may take time to come to fruition.”1