In October there were 28,100 first-time buyer completions, an 8.5% drop from the three months before; while over the same period the average deposit fell by 2.1% to £21,611.
First-time buyers were handed a lifeline in yesterday’s budget, as the government launched London Help to Buy and fresh support for shared ownership schemes, the details of which are yet to be fleshed out.
Adrian Gill, director of estate agents Your Move and Reeds Rains, said: “First-time buyer sales are enduring a slight winter chill this month. As Christmas fast approaches – alongside all the additional costs that come with it – many will be holding off until the New Year before they put their first foot on the property ladder.
“Despite the slight slowdown, however, the underlying figures remain strong. Sales totals are still high relative to previous years, with no sign that they’re about to slide back to the doldrums of the 2012 and 2013 period.
“Moreover, with real-terms wages continuing to outstrip inflation and consumer confidence heading ever upwards, there’s every potential for the property market to kick back up a gear just after the New Year.”
