First time buyer market continues to rise

11-Aug-2006

Property sales are up by 40 per cent, according to the July housing market survey from the National Association of Estate Agents (NAEA), with the number of first time buyers in the market rising.

First time buyers now account for 11.3 per cent of the house purchasing market, four per cent higher than last year.

Although asking prices for houses continue to rise, flats appear to be affordable housing options, with the NAEA reporting a 1.42 per cent decrease in the value of flats.

President of the NAEA Charles Smailes, said: "The market is clearly stable and the continuation of a reasonable supply of properties coming on to the market bodes well for the future"

"I am especially pleased to see the first time buyer share of the market has remained steady," he added.

Recent reports from the Council of Mortgage Lenders pointed to a record number of first time buyers taking out mortgages in June.

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