17 Oct

Number of first time buyers continues to rise in UK

Number of first time buyers continues to rise in UK

An influx of first time buyers across the UK has led to a shortage of suitable properties being available for sale, according to newly released data.

The report - compiled by Haart estate agents - has revealed that new buyers have risen to 70 per cent in the autumn residential property market. This has led to a 16 per cent sales increase annually across the UK.

However, this high demand for homes has caused a property supply problem as estate agents cannot find suitable homes for prospective first time buyers.

Property for sale in London is down to 6.6 per cent annually as the number of new buyers has risen to 87.3 per this year..

Paul Smith, chief executive officer of Haart, said on the topic: “The recovery of the property market across the UK is persisting into the autumn with new buyers continuing to enter the market up 32 per cent annually with first time buyers up 69.5 per cent. Property prices are up 1.5 per cent on the month in September since the summer.”

With the recent launch of the government's Help to Buy scheme helping more first time buyers get onto the property market, this trend could continue throughout the rest of the year.

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