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THURSDAY 16TH JUNE 2005  FIRST TIME BUYERS RETURN TO LONDON First-time buyers are returning to London in greater numbers as the capital’s housing market continues to stabilise, according to the latest data from the independent network of estate agents, Spicerhaart. The average house price in London increased by 0.2% in May and is now £226,114 and first-time buyer level has increased from 18% to 21% of the market share, which is the highest since February 2004. Russell Jervis, managing director of haart estate agents said: "Although we have seen a dip in the housing market as house prices have realigned over the past year, the housing market is now in a slightly stronger position." "With more properties on the market than ever in the last ten years it still remains a buyers’ market, which is keeping property prices in check. Although there is a healthy demand for properties that are realistically priced." First time buyers return First time buyers have returned to the market this month. Following April’s low of 18%, first time buyers now account for 21% of the market buying a property. Russell Jervis said: "First time buyers have been priced out of the market by record high property values in parts of London. However the industry and the government have been making some real efforts to address the problem." "Both first time buyers and the industry are coming up with more inventive ways to encourage buyers to the market and as a result, alongside the re-alignment of property prices we are starting to see an increase in first time buyer levels." "We have been focusing our efforts in encouraging first time buyers to step on the property ladder and it is no accident that the levels have increased this month. There is a plethora of first time buyer mortgage deals available, which address the key criteria for first time buyers – repayment costs, and our initiative has enabled us to proactively inform many first time buyers that are unaware of the wide range of options that are currently on offer." Renewed market confidence Improved faith in the market is illustrated by the change in the amount that London sellers had to reduce their asking prices by to achieve a sale. When asking prices were at their peak in July, sellers had to reduce their prices by around 6% to achieve a sale. By September this figure had halved. Recently the % reduction in asking price to achieve a sale has remained at a low of 2.1%, indicating that properties are now at market clearing level and more in line with prices that buyers are prepared to pay.

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