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First-Time Buyers Returning To Housing Market

Wed, 23 Jul 2008
The number of property purchases made by first-time buyers increased in June, according to latest figures from the National Association of Estate Agents (NAEA).

In a welcome piece of good news for the UK property market, NAEA members revealed that first-time buyer sales in June amounted to 11.8 per cent of total sales, a 1.2 per cent rise on figures for May and 2 per cent up on the same period the previous year.

Chris Brown, president of the NAEA, said it is clear that consumer confidence remains low as a result of the rising cost of living, brought on by the credit crunch.

However, he said the rise in first time buyer sales suggested those looking for new homes have realised that they can use the downturn in house prices to their advantage providing they can obtain mortgage finance .

The latest figures from the NAEA also revealed that there was stability in the number of viewings before a sale was secured, however there was a fall in the number of average sales recorded, the average number of buyers on agents books and the number of properties for sale .

Last week, the Royal Institute of Chartered Surveyors (Rics) revealed that though the housing market remained relatively subdued in June, there were positive signs that consumers were beginning to return to the property market.

The government recently announced a raft of measures designed to help first time buyers get a foot on the housing ladder, including the introduction of a rent-now-buy-later scheme that enables would-be property owners to save for a deposit while renting .
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