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Sales to 1st Time Buyers Soar

The National Association of Estate Agents (NAEA) reported that during October sales to first time buyers hit the highest levels on record.

In October, a third of total sales were made to First Time Buyers. This was a 9% rise from September and the highest number since records began in 2000. Also during October the supply of available housing stock increased to its highest level since March this year and the demand also rose.

Mark Hayward, Managing Director, National Association of Estate Agents (NAEA) comments on the findings: “This month’s report paints a positive picture for the UK housing market. Our findings over the last few months indicated mild uncertainty immediately following Brexit – and last month we even saw sales to FTBs fall. After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales to FTBs this month – proof the market is beginning to bounce back.”
“Clearly what we need now though is a clear plan as to how the Government is going to tackle the chronic shortage of homes that we are facing.”

During his Autumn Statement Philip Hammond pledged to respond to the UK’s housing crisis, with the focus very much on housing provision, affordable homes and higher Stamp Duty Land Tax costs for the purchase of additional residential properties. Setting out his plans for investment, The Chancellor announced a £2.3 billion housing infrastructure fund for up to 100,000 new homes and an additional £1.4 billion towards 40,000 new affordable homes.

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