UK Money News
19th February 2008
First time buyers slowly returning to market
Increasing numbers of first time buyers entered the UK property market last month, new data indicates.
Latest studies from the National Association of Estate Agents (NAEA) revealed that 14.5 per cent of all house purchases in January involved first time buyers.
This is a three per cent rise compared with the same period last year and suggests that the slight moderation in prices has encouraged more and more housing market novices to take the plunge.
Peter Bolton-King, chief executive of NAEA, predicted that the trend will continue this month in the wake of February's cut to the base rate of inflation, which will make repayments more feasible for potential buyers.
He added: "Our advice to buyers is that whilst we have been seeing a number of negative national stories about the housing market recently, it is important to keep it in perspective."
The NAEA's figures for January also noted that the average sales being recorded by its individual members rose from five to eight.
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