In December, National Association of Estate Agents' (NAEA) members reported a substantial increase in first-timer buyers' market share up to 13.0 per cent from 10.1 per cent in November 2007.
This is the highest figure since the previous November when NAEA agents reported a 13.4 per cent share.
The higher than average number of one and two bedroom properties coming onto the market in December proved fruitful for first-time buyers.
With interest rates having decreased in December and prices reported to be falling in some key areas, first timers are now in a prime position to take advantage.
In addition, the number of house buyers on estate agents’ books decreased from an average of 290 registered per agent in November to just 248 in December – the lowest figure recorded by the NAEA housing market survey to date.
The NAEA saw the difference between asking price and selling price remain fairly stable at 4.4 per cent in December compared to 4.2 per cent in November 2007.
“The past year has certainly been a rocky road for many, as HIPs confusion, escalating interest rates and low consumer confidence all fuelled apprehension in the property market.," said NAEA president, Stewart Lilly.
“First-time buyers have been able to take advantage of lower prices in some areas and the influx of one and two bedroom properties specifically prior to the HIPs roll out - we hope this positive trend will continue into 2008."
