Number of first-time buyers 'drops'

Date:Friday 18th December 2009
Author: Susanna Kavka

The number of people looking to get on the property ladder has dropped to its lowest level in 12 months, according to the National Association of Estate Agents (NAEA).

Currently, only 19 per cent of purchasers registered with NAEA members in November were first-time buyers. This is the lowest figure since December 2008, when the figure fell to 11 per cent.

This is compared to six months ago when the number of people looking to buy their first home made up 43 per cent on the property market.

President of the NAEA Gary Smith said that the end of the stamp duty holiday could be to blame for fewer people thinking about buying a home.

"Unfortunately, as first-time buyers often form the foundation of selling chains, there could be repercussion throughout the sector," he added.

Earlier this month, the NAEA predicted that next year the market would remain slow as people waited for the outcome of the general election.