First-time buyer sales hit record high: NAEA

32% of total sales made were to first-time buyers in October – a 9% rise from September and the highest number since National Association of Estate Agents records began 16 years ago in 2000.

Related topics:  Mortgages
Rozi Jones
28th November 2016
New house FTB
"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."

The last time the number of sales to first-time buyers was at a similar level was in October last year, when 31% of sales were made to the group, according to the NAEA data.

The number of properties available on average per branch in October was 43 - an increase of 7.5% from September and the highest number recorded since March this year.

In October, the average number of house hunters increased by a third (32%) from 333 to 440 registered per member branch. This is the highest level recorded since February this year, when there were 463 prospective buyers on estate agents’ books.

Mark Hayward, Managing Director, National Association of Estate Agents, commented: “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.”

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