FTB market share hits 3 year low
The last time estate agents reported such a decrease was in December 2008 when first-time buyers made up just 10% of the market share.
Overall sales remained consistent across the property market in October with an average of eight per branch.
Supply levels remained in-line with figures in September with 72 houses available per branch.
Wendy Evans-Scott, president of NAEA, said: “This week’s housing strategy announcement from the government is welcome news for first-time buyers.
“But our latest figures show that despite reported increases in mortgage approvals by the larger UK banks over the course of 2011 there is still a lending barrier facing those entering the housing market for the first time.
“To address this government could ensure that banks are given clearer incentives to offer mortgage finance to the UK’s embattled first-time buyers and also extend the mortgage guarantee for first-time buyers announced this week beyond just new build homes.”