The number of first-time home buyers has dropped to its lowest level this year, according to new figures from the National Association of Estate Agents (NAEA).
The NAEA data showed that 19 per cent of all UK home buyers in November were first-time buyers – a 3 per cent fall on the previous month and the smallest proportion since November 2008.
In May, first-time buyers accounted for 45 per cent of agreed property sales, according to the NAEA.
However, it now seems that the lack of mortgage availability and the continuing demand for high deposits from many UK lenders are preventing first-time buyers from entering the market.
In addition, the NAEA warned that the approaching end of the Government's temporary stamp duty holiday on properties costing up to £175,000 would have a "profound impact" on the number of first-time buyers getting on the property ladder at the lower end of the market.
Gary Smith, president of the association, said: "The decline in the first time buyer segment is exactly what the NAEA anticipated and warned the Government about some months ago."
"Any tax holidays result in a distortion in the market and in the case of stamp duty, needed to be carefully managed and phased out, rather than falling off a cliff," added Mr Smith.
"Unfortunately, as first-time buyers often form the foundation of selling chains, there could be repercussion throughout the sector."
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First Time Buyer Figures Fall To Year Low Wed, 23 Dec 2009
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