FTB sales increase in August compared to May
The number of first-time buyer sales in August leapt by over a quarter compared to May, according to the latest First-Time Buyer Tracker from Your Move and Reeds Rains.
August experienced 30,200 completed first-time buyer transactions, compared to 23,700 in May–the month of the General Election. This represents an increase of 27.4% on a three-month basis and means that 6,500 more first-time buyers completed property transactions in August than in May.
On a monthly basis, first-time buyer transactions matched July’s total of 30,200 sales, meaning that completed transactions are still at their highest level since August 2007, a post-recession high for the second month running. This makes the June to August period the strongest summer in eight years, with 89,800transactions being completed by first-time buyers. By contrast, during the same summer period last year only 84,900 sales were completed.
Adrian Gill, director of estate agents Your Move and Reeds Rains, comments:“An end-of-summer surge in first-time buyer activity is in full swing.With May’s General Election a distant memory, many first-time buyers are basking in the political stability that comes with a majority Government and a fixed-term Parliament. They are also benefitting from aBritish economy that is beginning to roar. As real-term wages rise and job security is taken as a given, renters are feeling, in ever larger numbers, that they have ability to overcome cost caveats and turn their property-owning dreams into reality.”
The report in full can be seen via the LSL Property Services website: http://www.lslps.co.uk/
You May Also Enjoy
Time is running out’ for property industry to take web accessibility seriously
Renters’ Rights Bill parliamentary progress
Housing Market Surges as Stamp Duty Changes Drive Buyer Activity
Mortgage Approvals Down in April
Build to rent completions up, but sector has seen slowdown in construction
