Demand for property fuelled by first time buyers, but sellers cautious
Demand from the first-time buyer market increased very slightly and hit a ten-month high in March, according to National Association of Estate Agents (NAEA).
The NAEA latest monthly housing market report found that the percentage of sales being made to first-time buyers increased from 23 per cent in February to 24 per cent in March. It last reached this level in May 2011.
The report also says that on average, estate agents branches had 297 house-hunters registered per branch in March compared with 293 in February.
Wendy Evans-Scott, President of the NAEA, said: "As our member agents predicted, the termination of the stamp duty holiday helped to fuel a last minute rush from people hoping to escape this tax on aspiration.
"It is clear that significant demand existed for this important tax break for those seeking to buy their first home. In light of these new figures, the Government's decision to remove such vital financial support for what is an extremely fragile part of the housing market seems short-sighted."
The NAEA also said that the number of registered sellers fell slightly in March, despite recent evidence that people asking a sensible price for their property are able to make a sale. The average branch had 61 properties on its books, compared to 63 in February.
April 20, 2012
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