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First Time Buyers are often the key to the housing market, once they start moving, the rest of the market will follow suit. According to the latest Housing Market Report from the National Association of Estate Agents (NAEA), a third of total sales in October were agreed to FTB’s, a nine percent rise from September and the highest number since recorded began 16 years ago in 2000.
The report also confirmed that the supply of available properties has increased to its highest level since March this year with the average number of buyers having also increased to the highest level since February.
Mark Hayward, Managing Director, National Association of Estate Agents (NAEA) comments on the findings: “This month’s report paints a positive picture for the UK housing market. Our findings over the last few months indicated mild uncertainty immediately following Brexit – and last month we even saw sales to FTBs fall. After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales to FTBs this month – proof the market is beginning to bounce back.
“Clearly what we need now though is a clear plan as to how the Government is going to tackle the chronic shortage of homes that we are facing. During the Autumn Statement, the Chancellor announced a boost to house-building which is a start but sadly nowhere near enough. We have high hopes for the Housing White Paper as this will set the housing strategy and intent for this Government going forward.”
Graham Sheardown, senior valuer, confirmed that the local picture was just as optimistic. He said: "We are definitely seeing signs of this, we still have a shortage of houses for this type of buyer, who are also now competing with investors who have also returned to the market a similar price level. When we list houses that are more suited to our first time buyers we are getting lots of viewings on open days which often result in 'sealed bids' and in some situations achieving offers in excess of the asking price. We are very interested in listing more properties to sell to our growing list of buyers."
If you are considering selling your home, we would be happy to give you a free, no obligation market appraisal. Call us today on 0115 9811888.