First-time buyers take a third of the market in October

First-time buyers took their biggest ever share of the mortgage market in October – accounting for a third (32%) of sales.

As detailed in the National Association of Estate Agents (NAEA) October Housing Market report, the average number of house hunters per branch rose by a third (32%) from 333 to 440. This was the highest number since February.

Mark Hayward, managing director of the NAEA, said: “This month’s report paints a positive picture for the UK housing market. Our findings over the last few months indicated mild uncertainty immediately following Brexit – and last month we even saw sales to FTBs fall.

“After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales to FTBS this month – proof the market is beginning to bounce back.

“Clearly what we need now though is a clear plan as to how the government is going to tackle the chronic shortage of homes that we are facing.

“During the Autumn Statement, the Chancellor announced a boost to house-building which is a start but sadly nowhere near enough. We have high hopes for the Housing White Paper as this will set the housing strategy and intent for this government going forward.”

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Written by: Houseladder