19 Dec

First-time buyer market share rises, survey shows

First-time buyer market share rises, survey shows

A new survey of the housing market has indicated that the share held by first-time buyers is rising.

The National Association of Estate Agents (NAEA) revealed that its November figures have shown a third successive monthly increase in the proportion of buyers who are trying to get on the housing ladder for the first time.

NAEA president Chris Brown also pointed to a smaller than expected fall in prices during November as a welcome development.

He added: "The glimmer of positive news that some of these figures reveal can give estate agents across the country some hope for a more prosperous 2009," suggesting that the effects of recent interest rate cuts are yet to be fully felt.

In its forecast for next year, property portal propertyfinder.com has said many first-time buyers will benefit from picking up bargains before the market starts to recover during 2009, as reduced rates and the lowering of the fees banks must pay the government for guaranteed lending lead to a greater availability of mortgage finance.

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