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First-time Buyer

First-time buyers at 16-year high

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
21/02/2024

A third of sales were made to first-time buyers in October, which is a 9% jump from September, and the highest figure since records began 16 years ago.

According to the National Association of Estate Agents (NAEA), the average agency branch saw nine sales with the average number of homes available at 43 as sellers start to move in higher numbers again.

Agents also reported the highest number of house hunters at 440, although this peaked at 463 per branch in February.  

Mark Hayward, managing director, National Association of Estate Agents (NAEA), said: “This month’s report paints a positive picture for the UK housing market. Our findings over the last few months indicated mild uncertainty immediately following Brexit – and last month we even saw sales to FTBs fall. After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales this month – proof the market is beginning to bounce back.”

What the market needs now is a clear plan to tackle the chronic homes shortage, said Hayward.

“During the Autumn Statement, the Chancellor announced a boost to house-building which is a start but sadly nowhere near enough. We have high hopes for the Housing White Paper as this will set the housing strategy and intent for this government going forward.”