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FRIDAY 28TH OCTOBER 2005  FIRST TIME BUYERS TAKE A LARGER SHARE The latest figures from the National Association of Estate Agents (NAEA) have revealed that first time buyers are slowly returning to the market this autumn. With interest rates remaining on a level in September, both the number of house buyers on estate agents’ books and the number of sales agreed were up for the third month running. Meanwhile, agents reported a drop in the number of houses available for the first time since the beginning of the summer as supply and demand levels begin to even out. First time buyers gain confidence First-timers saw an increased share of the market last month as figures rose to similar levels as those recorded earlier in the year. Following a three-month dip – where first time buyer sales dropped to their lowest point since November 2003 – the September figures show a revival of confidence among first timers. NAEA agents reported that first time buyer sales accounted for 11.0% of total sales in September, compared with 7.7% the previous month, and 7.8% in July. Sales up as sellers more realistic about prices The number of sales agreed increased for the third month running in September, to 13 sales per agent. This is an increase of 18.2% on the previous month when agents reported an average of 11 sales in August, compared with 10 in July. This coincides with a drop in the average difference between the asking price and sales price for the first time since July as sellers increasingly understand the importance of being realistic about prices. The average difference fell for the first time in three months, from 4.4% in August to 4.1% in September. Buyers no longer benefit from ‘wait and see’ strategy Housing stock went down in September according to NAEA agents, with the number of houses available per agent falling nearly 20%, from 77 in August to 62 in September. Meanwhile, the number of buyers on agents’ books was up again in September, rising from 366 per agent in August to 375, in an increase of 2.5%. With the increasing number of purchasers entering the market, and decreasing amount of stock available, the supply/demand balance is slowly shifting this autumn. The ‘wait and see’ strategy that many have employed over the last 12 months will no longer prove as effective as prices remain static and buyers are up against more competition. Lettings The number of vacant rental properties remained consistent between August and September at around 14 properties per agent. This is compared with 12 vacant properties per agent the same time last year. With many still preferring to rent rather than take a chance on the housing market, the lettings market remains healthy moving into the autumn, Market to remain steady for final quarter of 2005 NAEA president Christopher Hall comments: "At the end of the third quarter the market is holding steady. The positive effects of August’s long awaited interest rate cut have fed through, and with rates remaining constant in September the general feeling seems to be one of optimism among agents and consumers alike." "Assuming rates stay the same for the next few months, we believe that the market will remain steady through the final quarter of the year. Compared with the same time last year, the prospects are looking healthy. We expect the market to be lively come January." Affordability still an issue for first timers "We were encouraged to see more first time buyers entering the market in September, but are very aware that there is still the massive problem of affordability for first timers," continued Christopher Hall. "As changes to the pension rules next April (‘A’ day) could encourage more people to invest in property at the bottom end of the market, things are likely to remain difficult for first time buyers. The message to any first timers currently wanting to get on the property ladder is buy sooner rather than later."

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