First-time buyers took their biggest ever share of the mortgage market in October – accounting for a third (32%) of sales.
As detailed in the National Association of Estate Agents (NAEA) October Housing Market report, the average number of house hunters per branch rose by a third (32%) from 333 to 440. This was the highest number since February.
Mark Hayward, managing director of the NAEA, said: “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.”
Article published by Mortage Introducer -28th November 2016