First-time buyer numbers fall in February

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by Kay Murchie

Figures from the National Association of Estate Agents (NAEA) show the average number of house buyers on estate agents’ books fell to 243 last month, compared with 276 in January and the lowest figure since the survey started.

The figures also show falls in the number of house buyers on books, including falls in the number of houses available and percentage of first-time buyers.

The NAEA said its members reported an average of 74 properties for sale last month compared with 83 in January and a fall in the amount of first-time buyers to 11.7%.

Stewart Lilly of the NAEA commented on the figures and said the current climate of confusion is clouding the property market at present.

Invariably, the global credit squeeze, particularly the US situation, has had a knock-on effect, which together with consumer inflation, is placing continuing pressure onto the property market, concluded Mr Lilly.

The NAEA is urging the Bank of England to cut interest rates when it meets in early April.