First time buyer numbers fall in July

23-Aug-2007

The National Association of Estate Agents (NAEA) has said that the number of first time buyers looking to get onto the property ladder fell last month, with higher interest rates again blamed for the drop off.

The number of prospective homebuyers fell by 2.5 per cent in July, the NAEA said, or by an average of eight buyers per estate agent.

Year-on-year the figures are even worse, with the number 73 lower than the level recorded 12 months ago, with the number of buyers on agents' books now standing at the lowest level since December 2005.

"The dramatically reduced figures reported by agents are clearly quite concerning. It is apparent that the summer season coupled with the interest rate rises has clearly affected buyers and sellers during the month, leading to the significant drops in buyers, sales and stock," commented NAEA president Stewart Lily.

"The turbulent weather experienced in some parts of the country has also impacted on the market as buyers and sellers in the affected areas are forced to re-assess property situations during the aftermath of the flooding," Mr Lily added.

Rightmove reported earlier this month that house prices rose by 0.1 per cent in August.

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