Money News
Latest figures reported by members of the National Association of Estate Agents (NAEA) indicate that the first time buyer market is slowly increasing as they look to take advantage of the buyers market to secure good deals on a house.
Chris Brown, president of the NAEA, said: "Members have reported that the first time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available.
"However, it is clear from NAEA members that the last few months have been a difficult time for both the home buyer and seller. Consumer confidence is still low and this can be attributed to various economic factors including the continuing rising costs of living, the credit crunch and, of course, the shackles around the mortgage market.
The year 2008 has so far been a difficult period of time for first time buyers, however it would seem from the figure reported by agents in June that this sector of the market is returning.
June reported an average of 11.8% of first time buyer sales, which is an increase from the month before which was 10.6% and indeed a massive growth from the same time a year ago which was 9.8%. The rise in sales shows that first time buyers have regained some confidence and have realised that they can use the current market to their own advantage, providing they have the correct finances available.
See our first time buyer best buy tables
23 July 2008 © Moneyextra.com
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