According to the latest data released by the National Association of Estate Agents (NAEA), the frequency of sales involving first time buyers in the UK saw an increase in last month (September) of 9% in comparison to the month previous.
Those entering the property ladder represented 29% of total sales in September in comparison to 20% in August, a figure that becomes the highest since May this year, at which point sales to the group also made up 29% of total sales.
Additionally, the NAEA monthly report revealed the number of house hunters registered per estate agent fell in September, after a period of high and unsustainable demand in the two months leading up to September.
On average, a total of 342 prospective buyers were registered at each NAEA member branch in the month of September. This number realises a fall of 16% from the previous 408 recorded in August. It also sees a drop of more than a quarter (26%) from July when demand saw an 11-year high, with an average of 462 house hunters per branch.
The amount of properties that were available to purchase fell marginally to 37 per member branch during September. This shadowed a huge fall in the volume of housing availability in the previous month, when the number of properties that were available dropped from 55 in July to 38 in August, accounting for a reduction of 31%.
With the introduction of the Housing and Planning Bill announced last week it represents good news for the industry. However, it also features an extension of the Right to Buy to Housing Association properties, which should, in theory, assist the increase of supply in the housing market due to the fact that homes sold through the scheme are set to be replaced on a one for one basis.
If you are one of the increased number of people looking to get on the property ladder, why not consider what houses for sale in Winkleigh, Devon have to offer?
The Old Bank Hall: High Street, Winkleigh, Devon. EX19 8HX• Sales & Lettings: 0183 783 393• Company registration number: 07520398
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