Are first-time buyers dropping out of market?
The proportion of first-time buyers looking to take their initial steps on to the housing ladder has fallen to its lowest level in 12 months, new research has revealed.
Indeed, it could be said that more Britons are now considering renting, with the National Association of Estate Agents (NAEA) claiming that a survey of its members has revealed only 19 per cent of registered buyers were first timers.
This is the lowest level since December 2008, when the figure stood at 11 per cent, the group continued.
However, six months ago, the proportion of the market which was made up of first-time buyers was 43 per cent.
President of the NAEA Gary Smith said: "The decline in the first-time buyer segment is exactly what the NAEA anticipated and warned the government about some months ago."
The news could mean more people are now looking for property to rent in Wandsworth or elsewhere in London or the wider UK, rather than jumping on the housing ladder.
Indeed, Lucian Cook, director of residential research at Savills, recently asserted that many first-time buyers may be finding it more cost effective to rent.
Written by Andy Britten
Published 18th December, 2009
© 2009 Estates IT Limited
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