First-time buyers make a comeback

Nearly 30% of home sales went to first-time buyers last month, the highest proportion in over a year, according to new data from various large estate agents. It marks the highest percentage since June 2020, when 29% sales went to people getting on the property ladder, according to Propertymark. It was the strongest August for sales to first-time buyers since 2016, when the figure was also 28%. There have been signs of the housing market becoming less frenzied after a stamp duty holiday in England and Northern Ireland was tapered from July. Many mortgage lenders have also reintroduced low-deposit mortgages in recent months, after many such deals disappeared last year in the uncertain economy. The figures also suggest that competition for homes remains strong amid a lack of supply. Across the UK housing market, more than a third (37%) of properties sold for more than the original asking price in August, up from 31% in July. In August 2020, just 13% of homes sold over the asking price.

City AM (20/09/2021)