Findings from the National Association of Estate Agents noted that three in 10 (28%) of total sales were to fledgling buyers, an increase of four percentage points from February.
Some two-fifths of estate agents expect the buy-to-let Stamp Duty reforms to increase availability for first-time buyers, as property investors back away. More than a third also reckoned that sales to first-time buyers will pick up further, due to less competition for available homes.
Last month, the supply of houses available to buyers soared by 54%, from 35 properties available to buy per branch in February, to 54 in March. Demand decreased over the same period, with agents reporting an average 417 house hunters registered per member branch, down from 463 in February.
Estate agents also reported a drop in the number of properties selling over asking price. Only 7% of agents saw this happen in March, compared to 11% in February.
Mark Hayward, managing director of the National Association of Estate Agents, said: “In 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 those seeking to buy to let will tail off.”
