First-time buyer numbers at seven month high

First-time buyer sales hit 30% in September which is the highest figure seen since February, figures from NAEA Propertymark have shown. Its September Housing Report revealed that first-time buyers are up 8% year-on-year. Looking at the wider market the number of sales agreed per member branch fell to eight in September, the first time it has decreased since April. The number of house hunters registered per estate agent branch also decreased in September, from 433 to 387 However year-on-year, housing demand is up, rising from 338 house hunters per branch in September 2018.

Mark Hayward, chief executive, NAEA Propertymark, said: “Despite a fall in demand from house hunters, first-time buyers have continued to show resilience as they take advantageof favourable market conditions and drive their transactions forward.

"The recent mortgage data released from UK Finance shows the number of first-time buyer mortgage completions reached its highest monthly level in August 2019 since August 2007, further highlighting this trend.”

“Low or no stamp duty on lower priced properties have proved to be a big reason behind this boost in the FTB market, however they could also be concerned that the market may turn against them if a Brexit deal is achieved and are buying now to avoid that scenario.

"Until we are clearer on what the future holds, it’s likely we’ll continue seeing the number of first-time buyer sales rising.”