Young buyers excluded from housing market
In April 94% of successful homebuyers were over 30, despite first-time buyers accounting for 28% of completed sales; just 6% were between the ages of 18 and 30.
Mark Hayward, managing director of the NAEA, said: “While sales to first-time buyers remain strong, fiercely competitive micro-markets in areas mean that many younger buyers simply still cannot afford to get on to the housing ladder.
“I suspect the phenomenon of older first-time buyers will continue as the effects of the recession on younger people’s employment opportunities, plus higher student debts, take their toll.”
Demand for property has continued to soar, as NAEA members recorded 392 registered house hunters per branch in April, 20% more than the 313 recorded in March of this year.
Mark Hayward added: “Buyer demand typically increases in spring, but we are seeing a remarkable number of househunters registering with our member agents this month.
“The last time we saw this level of market demand was pre-crash, back in August 2006.”
Rising demand means there are almost nine (8.7) registered house hunters for every property available.
Last month the majority of house hunters were looking to buy as a couple (89%), whilst almost three quarters (74%) were looking to move locally to a property within their town or city.