The number of first time buyer transactions in October stood at 28,100 - a drop on previous months despite the fact that a typical deposit has also fallen and despite mortgage rates being unchanged.
Back in July there were 30,700 first time buyer transactions, some eight per cent above the most recent October level according to data from Your Move and Reeds Rains.
“First-time buyer sales are enduring a slight winter chill. As Christmas fast approaches – alongside all the additional costs that come with it – many will be holding off until the New Year” according to Adrian Gill, director of the two agencies.
“Despite the slight slowdown, however, the underlying figures remain strong. Sales totals are still high relative to previous years, with no sign that they’re about to slide back to the doldrums of 2012 and 2013” he says.
“With real-terms wages continuing to outstrip inflation and consumer confidence heading ever upwards, there’s every potential for the property market to kick back up a gear just after the New Year.”
The numbers of households purchasing their first home has grown by...
This year saw the lowest May for first time buyer completions...
LSL Property Services, owner of Reeds Rains and Your Move amongst other...
Revenues have slumped by 18 per cent at LSL Property Services,...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.jpg){kind=logo}
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
.jpg)
Tell us a little bit about National Home Move. We are a...
If you’re thinking about becoming an Estate Agency franchise or converting...
Estate agents and lettings agents have a legal obligation to protect...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
A client account is essential to your lettings business, but the...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
It’s no secret – 2023 is a difficult year for the...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
What's the typical deposit fallen to then? From £40,000 to £30,000. Oh joy. You either need a nice little inheritance or a stupidly well-paid job to get even close to cobbling together the deposit that I hear some people talk about. £80,000 in some cases. The world's gone mad, I tell you. Mad.
Doesn't surprise me in the slightest. Only those who are really financially fortunate seem to be able to get on the property ladder these days. This leaves the younger demographics becoming a part of 'Generation Rent' a sector which is already pushed for space, with more renters and not enough rental property.
It's only natural for there to be a general slowdown in first-time buyer purchases at this time of year, and the findings here show that this results are similar to previous years figures, so it's not as if there has been a sudden and unexplained drop. This will all work itself out come the end of December when the demand for property is higher.
Please login to comment