Reported figures indicate that first time buyer sales are growing, indicating more people are getting onto the housing ladder.
29 per cent of all home sales in September were reportedly to first time buyers.
This is a rise up from 20 per cent the month before.
This information comes from the National Association of Estate Agents (NAEA).
The NAEA’s managing director, Mark Hayward, commented: “It’s obviously very positive to see that the number of sales being made to first time buyers has risen this month. We saw an average nine sales going through per branch in September which means that for each branch around three sales were made to this group.”
However, there was a drop in prospective buyers entering into member branches of the NAEA during September. On average, a branch saw 342 in September, which was a reduction of 16 per cent from the 408 average in August.
The increase in percent of customers being first time buyers is a good sign, but it still doesn’t mean the issue with the housing market is on its way to being fixed. Mr Hayward added: “In order to ensure there is enough affordable housing on the market for first time buyers, we need the issue of supply and demand to be addressed in a big way.
“Until substantial numbers of new houses are built, we won’t see every first time buyer reach the bottom rung of the ladder.”