Aspiring homeowners return to the property ladder

21-Oct-2005

Figures released by a number of leading industry analysts have revealed that aspiring homeowners are growing in confidence and returning to the housing market.

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The overall number of completed sales increased last month, with first time buyers accounting for 11 per cent of transactions. This is a significant increase from the 7.7 per cent reported in July and suggests that the previous three-month decline is over.

Properties are being snapped up at a faster rate, with a corresponding fall in the amount of houses on estate agent books, reports the National Association of Estate Agents (NAEA).

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A move towards a realistic approach to house prices is also evident, with a narrowing of the gap between the original asking price and the actual sale price increasing the number of affordable properties available.

"The general feeling seems to be one of optimism among agents and consumers alike," explained Christopher Hall, NAEA president. "We were encouraged to see more first time buyers entering the market in September."

Mr Hall predicted that confidence in the market would remain for the coming months, with prices continuing to steady and the start of the New Year encouraging more people to get on the first rung of the property ladder.

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