First Time Buyer Purchases On The Up

Wed, 05 Nov 2008

First time buyers are re-entering the UK housing market, industry experts have revealed.

According to the latest National Association of Estate Agents (NAEA) members’ survey, first time buyers have been boosted by falling house prices in the UK, while the Government’s multi billion-pound bailout of the British banking sector has made it easier for people to obtain finance .

The NAEA suggest that the news is also the first sign that the Government’s decision to raise the lowest Stamp Duty level by £50,000 for 12 months is having some effect.

But the organisation has urged the new housing minister Margaret Beckett and the rest of the Government to keep taking action to help restore confidence in the market.

For the first time since January, the survey showed an increase in the number of sales per agent, from an average of five in August to six in September, while the number of first time buyers on its books has increased from 8.3 per cent to 9.5 per cent between the two months.

Commenting on the figures, NAEA president Chris Brown said: "First time buyers seem to be returning and for those who have the correct finances in place, now is the perfect time to buy a home ."

"However, the NAEA continue to urge the Government to review the market holistically and offer this group a Stamp Duty holiday," he added.

Estate agents are hoping that the base rate could drop as low as 2 per cent in 2009, which would lead to mortgages becoming cheaper and even more first time buyers being able to enter the market.

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