A scarcity of first time buyers

The percentage of house sales going to young first time buyers (18 - 30 year olds ) dropped to just 3 percent of last months sales, according to data from the National Association of Estate Agents.

This compares to the 12 percent share of sales made to this same segment of buyers back in August 2013.

The drop reflects rising prices and the introduction of more stringent affordability requirements on residential mortgages.

A spokesperson for the NAEA commented

“Things are getting even tougher for first time buyers. Not only do you now need to stump up ridiculously large sums of money in terms of deposits and stamp duty to be able to get on the ladder, but new (mortgage) rules mean buyers will also have to prove they can easily afford repayments now and in the future,” said Mr Hayward.