First time buyers bolstered by supply increases

05-Jun-2007

First time buyers apprehensive over whether the recent surge in the supply of housing would subside again following the postponement of Home information packs (Hips) have had their fears allayed, it has been revealed.

Instead, supply levels are continuing to increase, according to London estate agent Barnard Marcus, which has reported a 69 per cent increase in the number of new sellers it dealt with since the government made its volte-face late last month.

Hometrack recently reported that supply increased by six per cent during May, with Barnard Marcus officials suggesting that the delay in Hips implementation would be too brief to damage supply.

"We've yet to experience the predicted withdrawals. The May rush was mainly due to sellers bringing forward their anticipated move by a month or two and we're not expecting them to withdraw only to instruct us again in a few weeks' time," the estate agent's divisional managing director Vito Rausa commented.

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