30% of house sales in February were made to first-time buyers, according to the National Association of Estate Agents’ (NAEA) February Housing Market Report.
NAEA member agents found that 30% of homes were sold to first-time buyers in February, the highest amount since September 2014. Sales to first-time buyers have not reached higher than 30% since records began in 2009.
Demand for property during February was also up, with 366 house hunters registered per NAEA member branch, up from 353 in January. However, supply was marginally down from 44 houses per branch last to 43.
The total number of sales agreed in February remained the same as previous months, with eight house sales going through per NAEA member branch.
Mark Hayward, managing director, National Association of Estate Agents, said: “It’s clear from the findings in the report that things are starting to ease for first-time buyers, which could be down to reduced property prices or more accessible funding, especially following December’s stamp duty reforms.
“We will all be waiting with bated breath to see if the first time buyer figures increase following the new Help to Buy ISA, and whether we see real momentum in the market. It still remains notoriously hard to get cut-through in the property market, especially for first time buyers, so any green shoots are encouraging.”
46% of NAEA member agents have seen the market cooling in the lead up to the general election, with 27% of agents thinking the general election will have the biggest impact on the housing market this year.
Hayward added: “Demand is still vastly outweighing supply in this country, so it is clear something needs to be done to aid this growing problem. It will be interesting to see the outcome of this year’s general election, but whoever wins it is vital that building more affordable homes is top of their agenda.”