One in four UK home sales went to a first time buyer last month

First time buyers accounted for 26 per cent of transactions in August 2013, the NAEA’s report reveals, the highest level recorded since July 2010. The proportion of first time buyer activity rose from 22 per cent in July as government schemes such as Help to Buy make mortgage lending more accessible to those trying to get onto the property ladder.

While sales rose, supply levels fell in August, added the NAEA, with the number of properties available per branch slipping from 53 to 52 over the month, as eager buyers take advantage of low lending rates.

“The return of first time buyers purchasing property has been anticipated for some time now,” commented the President of the National Association of Estate Agents.

“The significant increase in the number of house hunters, particularly in what's often a quiet time in the market, is also a very positive sign that confidence is returning.”

 

Other home ownership news this week:

UK first time buyers on the up

The number of UK first time buyers is on the up, reports Just Mortgages. Improved accessibility for mortgages helped the number of new buyers to increase by 75.7 per cent year-on-year. In London, though, the increase has been even stronger, with first time buyers soaring by 102.4 per cent. Indeed, now, first time buyers account for 42.2 per cent of all mortgages loaned by Just Mortgages, while the average age of a first time buyer is 32.1 years, the youngest since March 2012.

 

US realtors back Obama

US realtors are backing Barack Obama’s approach to the country’s housing recovery. Speaking on the five year anniversary of the financial meltdown, the National Association of Realtors echoed Obama’s comments on the country’s policies to stabilise the market, noting that they had helped more than 7 million US homeowners who were underwater.

“NAR continues to advocate a system that ensures creditworthy buyers always have access to safe, reliable mortgages such as 30- and 15-year fixed-rate loans, even in tough economic times when private lenders cannot, or will not, enter the market,” commented NAR President Gary Thomas.