Sales to first-time buyers rose in February 2018 according to NAEA Propertymark
Latest NAEA Propertymark Housing Report – February 2018 reveals: Sales to first-time buyers rose in February and the number of house-hunters fell in line with the supply of available properties.
The number of prospective house-hunters fell by 16 per cent in February – from 367 registered per branch, to 309, year on year this is down by 28 per cent, as agents had 425 house-hunters registered per branch in February 2017.
Mark Hayward, chief executive said: “Since the Chancellor cut stamp duty for first-time buyers, there have been a good level of sales to the group, but they haven’t rocketed. As we said in last month’s Housing Report, our members have noticed FTBs holding off on making purchases since the rule was introduced – typically outside of London – opting instead to save for longer to maximise the full stamp duty relief. This may be one reason why sales are up but not as high as we might expect; the other reason is that the cost of buying is still very high, and FTBs are still finding it difficult to save for their deposit. As the cost of living continues to rise – with consumer price inflation standing at 2.5% in February – we still have a long way to go to make the dream of owning a home accessible to all, but this is definitely a step in the right direction.”
Read the NAEA Propertymark Housing Report – February 2018 in full click here.