house sales uk

The number of sales made to first time buyers (FTBs) rose for the second month running, to the highest level in six years, reveals the National Association of Estate Agents (NAEA) October Housing Market Report.

In October, there was an average of nine sales made per estate agent branch in total – and a third (31%) of these sales were to FTBs. Last month, the group accounted for 29% of all sales, and in August just a fifth (20%) of transactions involved FTBs, meaning a jump of 11 percentage points in just two months.

Mark Hayward, managing director, National Association of Estate Agents, said: “It’s really promising that, for the second month running, the number of sales being made to FTBs has risen. Competitive mortgage products and the increasing pressure of an interest rate rise could be encouraging first steppers to take the plunge, as well as the dwindling supply of rental housing stock – putting pressure on renters to buy.”

The supply of available housing increased in October, ahead of the Christmas slowdown. The number of properties available to buy per branch increased by 16% from 37 in September to 43 in October. On the other hand, demand for property dropped slightly from an average 342 house-hunters per branch in September, to 336 in October.

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