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Hope for first-time buyers
23 July, 2008
The latest figures reported by members of the National Association of Estate Agents (NAEA) show that the first-time buyer market is slowly increasing.
Chris Brown, president of the NAEA, commented: "Members have reported that the first-time buyer market is slowly increasing with 11.8% shown as the percentage share of first-time buyer sales in June. For first-time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available.”
The figures indicate that consumers continue to remain unsure of the market. However, there was reported stability in the number of viewings before a sale is secured, time between instruction and the number of agreed sales which have fallen through.
Brown said: "Confidence needs to be restored and this can be achieved if the government, Bank of England, mortgage lenders and various other bodies work together to ease the pressure. We are continuing to call on the government to cut stamp duty for first-time buyers and move the threshold to give people a break. In addition, the Bank of England needs to ensure the mortgage markets are steadier. If consumers continue to find it hard to obtain mortgages how can the market place expect to move forward?"