First time buyers took their biggest ever share of the mortgage market in October – accounting for a third (32%) of sales.
As detailed in the National Association of Estate Agents (NAEA) October Housing Market report, the average number of house hunters per branch rose by a third (32%) from 333 to 440. This was the highest number since February.
Mark Hayward, Managing Director of the 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 first time buyers fall.
“After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales to first time buyers this month – proof the market is beginning to bounce back.
“Clearly what we need now though is a clear plan as to how the government is going to tackle the chronic shortage of homes that we are facing.
“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.”
