"Prices remained steady, and both transactions and new buyer registrations shot up on the month and the year."
New buyer demand for homes rose 38.3% annually and the number of properties coming onto the market increased by 10.9% on the year.
As a result, the average purchase price for first-time buyers fell by 3.4% on an annual basis.
The number of new buyers in London also rose by 12.3% over the year. Sale transactions increased by 7.6% on the month and recorded an annual increase of 2.6%.
Paul Smith, CEO of Haart, commented: “The property market remained buoyant in September despite ongoing economic and political turbulence. Prices remained steady, and both transactions and new buyer registrations shot up on the month and the year.
“First-time buyers continued to drive the market forward with 21% more registering to buy than the same time last year, as aspiring homeowners continue to take advantage of their stamp duty cut. But for the ‘just about managing’ in middle England nothing has changed. With the government not meeting building targets and downsizers reluctant to move, family homes are in stark supply and this is holding the market back.
“Last month saw the level of housebuilding drop to ‘pre-crash levels’. A healthy housing market depends not just on introducing new buyers into the market, but also helping them move through it, but as it stands too many are stuck unable to move up to the ladder.
“The Chancellor must use this month’s Budget to cut stamp duty for downsizers and free up stock for families moving up the ladder. Ahead of Brexit, this would strengthen the housing market in the short term and improve homeownership in the long-term. The government must also avoid at all costs any further stamp duty increases for any part of the market.”
