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Tuesday, April 26, 2016

FTB's fill gap left by investors

First time buyers are back in the market as investors shy away.

Data for March shows 28% of property sales went to first time buyers, up 4% on February.

The data released by the National Association of Estate Agents (NAEA) also shows that many estate agents (39%) are expecting this upward trend to continue as the introduction of 3% stamp duty on second homes deters investors.

Agents reported a fall in demand, as registered buyers fell from 463 to 417 from Feb to March.

Supplycontinued to rise, with the branch average up from 35 in February to 54 in March.

Mark Hayward, NAEA managing director comments -

‘The last few months first time buyers have had to compete with landlords for the same properties and those landlords have really pushed hard to complete ahead of the rise in stamp duty.

Now, in theory things should get easier for first time buyers as we have seen with a slight increase in sales this month and as those seeking to buy to let will tail off.

However in reality, it’s unlikely in the long term that first time buyers will notice a huge difference, as prices remain high and housing is in short supply. The Government needs to significantly increase the number of homes that are being built in this country to really make a difference to those that are struggling to get on the housing ladder.’

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