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Assetz® News - First time buyers returning to market

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First time buyers returning to market

19th April 2005 | back to article listings BACK    print this article PRINT

New figures have shown the number of first time buyers entering the market to have doubled over March, suggesting that the property market may be supported largely by new buyers, despite supposed 'pre-election jitters'.

Reports from the National Association of Estate Agents (NAEA) state that the total number of first time buyers doubled last month, an increase that has been attributed to the government's amendments to stamp duty thresholds, which has worked to encourage buyers back to the market. The increase also follows a period of relatively steady house prices nationwide, which is likely to have boosted confidence among those looking to make first time investments.

Recent reports have suggested that many first time buyers will be postponing their purchases until after the General Election on May 5th, on the basis that interest rate changes could potentially work for or against their favour, depending on the outcome. At the start of the year a poll form Yorkshire bank found that over 41 per cent thought that this year would be a good year to buy property, a number that has fallen by ten per cent to date.

Furthermore, 18 per cent of consumers are confident enough to offer below the asking price. This taken into account it is unsurprising that the number of first time buyers saw such as dramatic increase over last month, but it also highlights the fact that these potential buyers are growing less wary with time.

"Estate agents have certainly been a lot busier in March than in previous months with increased numbers of buyers, new applicants and instructions reported across the country," commented NAEA president Richard Hair. "There has been a great deal of 'wait-and-see' in the market over recent months, not least in anticipation of the Budget.

"The housing market is in a position that leaves it potentially vulnerable to any upsets and should therefore be handled with care," he added, continuing: "Its path for the remainder of the year remains uncertain at this stage."

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