First-time buyers can benefit from slowing market

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by Kay Murchie

A report from the National Association of Estate Agents (NAEA) has established that first-time buyers improved their market share in December, providing evidence that this sector is in much need of a boost.

First-time buyers continued to increase their share of the market with a considerable uplift from 10.1% in November to 13.0% in December. This is the highest figure recorded for first-time buyers since November 2006 when a 13.4% share was reported by the NAEA.

The amount of house buyers on estate agents’ books fell from an average of 290 registered per agent in November to just 248 in December, the lowest figure recorded by the NAEA housing market survey to date.

Stewart Lilly of the NAEA said a particularly encouraging sign for December was the increase in first-time buyer share of the market. They have been able to take advantage of lower prices in some areas and the influx of one and two bedroom properties being rushed onto the market prior to the Hips roll out.

Mr Lilly added that the NAEA hopes this trend will continue throughout the year and that further rate cuts might go some way to restore some confidence in the first time buyer sector.