Propertymark reported that a greater proportion of transactions made by first-time buyers were made in August across the UK, equating to 28% of property sales. This is closer to the level of first-time buyer activity seen two months previously, and significantly up from July’s figure of 20%. This activity suggest that the UK saw the most First Time Buyers collect keys since 2016.
Estate agents continue to work with potential vendors to build chains as supply remains the number one challenge for all regional markets. According to Propertymark, the number of properties available per member branch stood at 23 in August, a drop from July’s figure of 28. The market remains highly competitive with an average of 19 buyers for every available property on the market.
As many house hunters plan for a move before Christmas, demand remains resilient and 10% higher than 12 months ago, with around 435 potential buyers registered, per estate agent, a marginal increase from 428 in July.
Chris Birds, Partner at Boxall Brown and Jones said, “This month’s report from Propertymark shows an enduring appetite amongst buyers, including the ongoing wave of new buyers securing their first homes. Lifestyle changes are still prevalent, and buyers are now looking to a future which is very different from the one they envisioned two years ago. The search for green space, home offices and more flexible living is a trend that is unlikely to see demand diminish before the new year.”
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