First-time buyer sales slump to eight month low: NAEA

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

NAEA added that 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.

This is despite the supply of properties increasing marginally in October. The number of properties that sold for more than the asking price also rose for the first time since July, to 4%
 
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.”