NAEA calls for help for first-time buyers

Date:Friday 15th October 2010
Author: Max Freedman

The National Association of Estate Agents (NAEA) has called on banks to restrict their lending criteria in order to aid first-time buyers.

President of the organisation Michael Jones described it as "imperative" that this type of borrower is assisted if the UK's housing market is going to recover.

He made his comments after an NAEA market report showed that the proportion of sales accounted for by first-time buyers dropped from 21 to 20 per cent between August and September of this year.

However, the document also indicated that the number of completed transactions at members' branches did not change during the same period.

"It is good to see that sales have remained consistent but the drop in the number of first-time buyers is still a concern," said Mr Jones.

Last month, the industry body urged people that could be affected by the proposed high-speed rail route between London and Birmingham to remain calm.