By Ben Marquand
Rising house prices are keeping young, first-time buyers out of the market according to a survey by the Royal Institute of Chartered surveyors (RICS).
The report shows that 30% more chartered surveyors are reporting a fall in sales to first-time buyers than a year ago.
Ian Perry, housing market spokesman for RICS, said: “There has been a marked decrease in the number of first-time buyers coming into the market. This is partly because they are put off by current house prices and also because some are aware that house prices may come down, so they are prepared to wait for a few more months.
“First-time buyers are not coming in at the bottom of the housing chain and this is slowing down the growth of the housing market.”
The National Association of Estate Agents (NAEA) has also published its own study of the housing market, which found that a third of first-time buyers are likely to be aged over 30.
Increases in house prices and the growth of buy-to-let schemes have meant that people are prepared to live in rented property until later in life.
Hugh Dunsmore-Hardy, chief executive of the NAEA, said: “Increasing house prices has meant that many first-time buyers are waiting longer before buying property. Now first-time buyers are finding it difficult to afford homes early on and are deciding to rent until they have more money and a partner to share the cost with.”
