First Time buyers only constitute 20 per cent of the total number of homebuyers, which the NAEA says has emerged from the uplift in affordability difficulties.
But across the market, a number of key indicators, like new applicant enquiries and numbers of viewings were reported down on the previous month.
New property up for sale is also down by nine per cent on May’s figure, continuing the downward trend started in March.
NAEA, chief executive, Hugh Dunsmore-Hardy, said: “Our findings show early signs that market conditions are starting to stabilise of their own accord without the need for government or Bank of England intervention.”
He added: “We continue to hold the view that the market will see a gradual slowdown although some predictions have painted a far more pessimistic picture. Whilst some figures are down, other key indicators are up, although by smaller increments than in previous months, all of which suggests a market that is steadying after an unsustainably hectic period.”
Estate Agent, Neville Pedersen, Pedersen & Company, said: “The combination of media hype, misleading reporting and the over-optimism of vendors is still bringing over-valued properties to the market. This is likely to exaggerate the differences between those genuinely for sale and those just flying a kite.”
The figures for house sales are up ten per cent on May and the average length of time between instruction and sale has increased from four to five weeks since the May survey.
The average length of time between sale agreed and exchange of contracts has increased from four to five weeks in June. This figure has remained at between eight and 9.6 weeks for ten months, except for April 2002, when it more than doubled as a result of chronic shortage of supply and consequent hold-ups in chains.
