6 Feb

First-time buyer percentage increasing, study shows

First-time buyer percentage increasing, study shows

The proportion of property buyers who are making their first purchase has been found to be rising.

According to the National Association of Estate Agents (NAEA), first-time buyers accounted for 22.5 per cent of activity in the first two weeks of the year.

With this figure having risen from just ten per cent in December, the body has noted that it could signal the start of a revival.

Chief executive of the NAEA Peter Bolton-King said the statistic is "not a sign that the housing sector is out of the woods yet", but added: "It does suggest that those infamous green shoots of recovery may not be as far off as first thought."

Other findings include the fact that buy-to-let landlords currently represent 22 per cent of the market, a figure the NAEA suggested means property remains a sound investment.

This week the Bank of England lowered the official base rate to one per cent, a move that could make mortgages more affordable for first-time buyers.
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