First Time Buyers Returning To Market

Date Published 24 July 2008

First time buyers are beginning to return to the property market, new figures from the National Association of Estate Agents (NAEA) suggest.

According to the organisation during June its members reported that the proportion of sales involving novice homebuyers hit 11.8 per cent.

This represents an increase of 1.2 per cent from May and a rise of 9.8 per cent compared with June last year.

Chris Brown, president of the NAEA, commented: "Members have reported that the first time buyer market is slowly increasing with 11.8 per cent shown as the percentage share of first time buyer sales in June.

"For first time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available."

The Council of Mortgage Lenders has reported that in June the average deposit put down by first time buyers stood at 13 per cent.