Govt action 'helping FTBs'

29-Oct-2008

First-time buyers (FTBs) are making more home purchases despite the difficult financial climate, according to the National Association of Estate Agents (NAEA).

The average percentage of FTBs on estate agents' books reached 9.5 per cent in September, an increase of 8.3 per cent from the previous month.

NAEA president Chris Brown said the figures indicate that government legislation on stamp duty, introduced last month, is beginning to work.

FTBs appear to have benefited from the Treasury's move to freeze stamp duty for 12 months on people purchasing homes worth up to £175,000, he suggested.

But Mr Brown believes more government action is needed to restore confidence in the market after further falls in house prices amid the ongoing economic volatility caused by the credit crunch.

"Consumers are still cautious, with many continuing to adopt a wait and see attitude, and are only moving if it is necessary," he said.

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