FTBs increase property market share

Posted: 19 Jul 2007 11:09:21 GMT

First-time buyers (FTBs) have increased their share of the property market for the first tie since February.

First-time buyers (FTBs) have increased their share of the property market for the first tie since February.

That is according to the National Association of Estate Agents (NAEA), which also revealed that the housing market in general was subdued in June.

A report by the NAEA has revealed that the number of people looking to purchase a property in the month fell by six per cent compared to May, with rising interest rates being blamed.

"The next few months are likely to be characterised by consumers being cautious due to uncertainty surrounding future economic movements and recent government changes," commented Stewart Lilly, president of the NAEA.

"Buyers and sellers have been reacting to mixed messages over the likelihood of further rate rises.

"Many are choosing to employ a 'wait and see' strategy as a result. This, coupled with the summer period approaching, suggests there will be a quieter housing market over the next few months," he added.

FTBs made a big impact in June, taking a 9.8 per cent share of the market, compared to 8.9 per cent in May.

This has been attributed to a rising desire to get onto the property ladder, alongside stabilising prices.

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