First-time buyer sales dip over 2018: NAEA

Propertymark's figures show that over the course of 2018, demand was lower than the previous year with an average of 324 house buyers registered per branch, compared to 366 throughout 2017.

The number of sales agreed per branch throughout the year also fell, from nine on average per month in 2017, to eight this year.

However as landlords continued to face legislative change, the number of buy-to-let investors selling their properties increased from an average of three in 2017 to four in 2018. In April and May this year, the figure spiked to five per branch – the highest since records began in 2015.

The number of properties available to buy hasn’t changed drastically year-on-year, with 38 available per branch throughout 2017 and 39 in 2018, hitting a two-year high of 46 in September. However, supply has dropped significantly over the last ten years, from 89 on average per branch in 2008.

Mark Hayward, chief executive of NAEA Propertymark, commented: “2018 has been a busy year for the property market, with the Government launching several consultations to address important issues – most notably to regulate the sector, improve the buying and selling process, and address the issue of leaseholds. The housing market has notably slowed, particularly over the last couple of months, which could be a by-product of Brexit uncertainty, as buyers hold off on purchases until the outcome is clear.”

David Cox, chief executive of ARLA Propertymark, added: “The number of landlords exiting the rental market is rising, and those who aren’t worried about it yet, should be. Buy-to-let investors have faced a huge amount of legislative change over the last 18 months alone, and as costs rise, they are being driven out of the market and new ones are being deterred from entering. The Government is developing a joined-up approach for legislating the private rented sector, but until this has been put into action and the market is made more attractive for landlords, rents will continue to rise, competition will intensify, and tenants will continue to suffer.”