First time buyer numbers down but stability could return

17-Sep-2007

First time buyers' market share fell by over three percentage points year-on-year in August, the National Association of Estate Agents (NAEA) has said, but a period of prolonged stability could see more return to market shortly.

The NAEA has said that first time buyer market share was 9.7 per cent last month, compared with 13.4 per cent in August 2006.

The association did however report that the number of buyers in the market as a whole rose by 3.8 per cent last month, as did the number of properties on the market – with the exception of four-bedroom homes, which saw their numbers fall by an average of 37 per cent as sellers were put off by the introduction of Home information packs (Hips).

"The housing market needs a period of sustained stability to allow people to take stock of the current situation and think carefully about their own personal options," commented NAEA president Stewart Lilly.

"Over the last forty years I have seen many peaks and troughs in the market and at this present time I cannot see any troughs on the horizon," Mr Lilly added.

Reacting to separate claims regarding Hips made today by Rightmove, the Association of Home Information Pack Providers (AHIPP) has dismissed suggestions that the packs have slowed the market as "completely unfounded".

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