Fall in first-time buyers in February

Posted: 26 Mar 2008 16:51:59 GMT

Last month saw decreases in the number of house buyers on books, as well as falls in the number of houses available and percentage of first-time buyers, new figures show.

Last month saw decreases in the number of house buyers on books, as well as falls in the number of houses available and percentage of first-time buyers, new figures show.

Data from the National Association of Estate Agents (NAEA) reveals the average number of house buyers on estate agents' books fell to 243 in February - down from 276 in January and the lowest figure since the survey started.

NAEA members also reported an average of 74 properties for sale in February compared with 83 the previous month and a drop in the proportion of first-time buyers to 11.7 per cent.

"The figures reported in February echo the current climate of confusion that is clouding the property market at present," NAEA President Stewart Lilly commented.

"Invariably, the global credit crunch, especially the US situation, has had a knock on effect, which coupled with consumer inflation, is placing continuing pressure onto the property market."

Mr Lilly called for the Bank of England to lower interest rates.


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