Sales to First-Time Buyers fall in January compared to previous month according to NAEA Propertmark.
Latest Housing Market report from NAEA Propertymark headlines ‘House-Hunters Flood The Market’
The report reveals that the number of house-hunters looking for new homes rose by 37 per cent in January.
January saw an influx of sellers marketing their properties, the supply of available properties increased to 36 per branch on average, from 33 in December according to NAEA Propertymark.
Mark Hayward, Chief Executive said:
“As we usually see in January, buyers and sellers have re-entered the market after the festive slow-down and triggered an uplift in the number of sales agreed. While this is good news for the market generally, the increased competition seems to have affected FTBs, who generally have less bargaining power when it comes to bidding for properties.
“Our members have noticed FTBs holding off on making purchases typically outside of London, and saving for longer to maximise the full stamp duty relief. They’re skipping the ‘first time home’ and moving straight onto their second homes, to avoid growing out of their property in four or five years and facing the cost of stamp duty. This is a smart move and an example of how FTBs are making legislation work to their advantage.“
Read the latest Housing Market report from NAEA Propertymark in full click here.
You May Also Enjoy
UK First Time Buyers better off than many other global nations
Building Safety Regulator Reform
New anti-money laundering rules now in effect: what landlords need to know
What landlords need to know about the upcoming Renters Rights Bill
Mortgage approvals bounce back in May
