FTBs 'back in the market'

23-Feb-2009

A property expert says it is encouraging that more first-time buyers (FTBs) are backing the market and making enquiries about purchasing homes.

Ed Mead, director of sales at London-based estate agent Douglas & Gordon, believes first property buyers and foreigners make up the bulk of home purchase enquiries being made to estate agents in the current climate.

House prices in the capital have fallen by at least 20 per cent - at a greater rate than the national average - which is prompting FTBs to act before the property market bottoms out, Mr Mead explained.

"An awful lot of first-time buyers will think to themselves: 'Actually, now isn't such a bad time to be trying [to buy]'," he said.

Mr Mead's comments come after data from the National Association of Estate Agents showed that first property purchases accounted for 25 per cent of transactions in the housing market last month.

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