The percentage of first-time buyer sales agreed fell to 14% in May, according to the National Association of Estate Agent’s (NAEA) latest housing market survey.
This was down from 18% in April and much lower than last year’s average of 25%.
Commenting, Melfyn Williams, president of the NAEA, said: ‘Clearly the present absence of first-time buyers suggests that many homes are unaffordable for most young prospective buyers. However, reports from our members suggest that the young are not staying at home with their parents, but are choosing to rent instead.’ The survey also suggested that sustained house price rises may be seen later this year as the number of properties on estate agents books is falling, while the number of buyers is increasing.
l The NAEA has launched two technical awards designed to promote professionalism among estate agents and represent the minimum standard for new members to the NAEA.
The Sale of Residential Property award covers health and safety, security and general law, law and practice relating to property sales, and property appraisal and building constructions.
The Lettings and Property Management award also covers health, safety, security and general law, but includes legal aspects of letting and management, and residential property lettings and management practice.
The scheme will start in September this year.