FTBs 'brave weather to purchase a property'

11-Feb-2010

House sale figures for January may highlight the increased commitment of first-time buyers (FTBs) in their quest to secure a property.

Despite the freezing weather which blighted the UK for much of the month, the percentage of sales which were completed by FTBs rose from 19 in December to 23, according to the National Association of Estate Agents (NAEA).

Although the average number of homes for sale in each branch fell slightly - from 59 to 55 - a higher proportion of FTBs is a sign they are more willing to brave the cold and unpleasant conditions to bag a bargain.

Gary Smith, president of the NAEA, said: "More encouragingly, the very important first time buyer section of the market now makes up almost one in four purchases. This confirms their confidence in the market."

Mr Smith said the sales figures were "quite amazing" bearing in mind the weather.

A traditionally slow post-Christmas market and subsequent reduction in competition may be behind the relative success of FTBs in January.

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