Sales to first-time buyers hit eight month low

NAEA Propertymark (National Association of Estate Agents) is today issuing its October Housing Report.

Sales agreed and sales to first-time buyers (FTBs)

  • The proportion of sales made to FTBs fell even lower to 22 per cent in October, the lowest it’s been since February when the same amount were recorded. In September, the number of sales to FTBs stood at 23 per cent
  • The number of sales agreed per branch is yet to pick up following the quieter summer months, remaining stagnant at eight on average per branch since July. 

Demand for housing

  • Despite having a significant increase in September, the number of house hunters registered at estate agents dropped 11 per cent, from 394 to 349 per branch on average, in October.

Supply of properties

  • The number of properties available to buy on estate agents’ books increased marginally from 41 in September, to 42 in October. 

What properties sold for

  • The number of properties that sold for more than the asking price rose for the first time since July, to four per cent
  • The number of homes which sold for less than asking price dropped to 78 per cent last month – down four percentage points from September.

Mark Hayward, Chief Executive, NAEA Propertymark said:

“First-time buyers have felt locked out of the market for some time and our figures continue to highlight how the problem is only getting worse. However, following the announcement of the abolishment of stamp duty for first-time buyers in last week’s Autumn Budget, we hope to see more first-time buyers coming to the market and making their dream a reality. We do however need to realise that if we don’t have the supply to meet the increased demand from FTBs it’s likely we’ll see house prices increase.”