Rise in first time buyers

Figures released by the National Association of Estate Agents (NAEA) indicate that there was a rise in the percentage of first time buyers for the month of June.

Although figures show that consumers are still unsure about the market there has been reported stability in the number of viewings, the number of agreed sales that have fallen through time between instruction and sale.

The percentage of first time buyers has risen slightly to 11.8 percent of sales in June which indicates that for some at least the current market conditions are paying off.

Chris Brown, president of the NAEA, comments: “For first time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available.”

It must be remembered though that this recent small rise is not repeated across the market in general.

Chris Brown, said: “However, it is clear from NAEA members that the last few months have been a difficult time for both the home buyer and seller. Consumer confidence is still low and this can be attributed to various economic factors including the continuing rising costs of living, the credit crunch and, of course, the shackles around the mortgage market.”

The NAEA are calling on the government to introduce measures to ease the strain on the market, urging for a cut in stamp duty and intervention from the Bank of England to stabilise the mortgage markets.

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