First-time buyer numbers down
News Category: Industry News
Published: 23-Apr-2008
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First-time buyers continue to flounder in the UK's difficult property market, as an increasing number of people are choosing to put off their planned property purchase.
That is according to a recent report from the National Association of Estate Agents (NAEA), which revealed that the market share of first-time buyers fell to 8.3 per cent last month.
This represents a decrease of 3.4 per cent on the figure for February and is the lowest reported market share since April 2006.
Stewart Lilly, president of the NAEA, commented: "The global credit crunch, squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having effect on individual's decisions to buy or sell.
"There are indications that first-time buyers have dropped their market share once again showing a 'wait and see' attitude has been adopted."
The factthat more homebuyers are delaying their property purchase could mean an increased demand for rented accommodation.
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