Sales to first-time buyers fall

Figures from the National Association of Estate Agents reveal that overall sales made to first-time buyers fell from an average of 25% in May to 20% in June, the lowest level since May 2013. The figures also show that buyers aged 18 to 30 represented just 3% of the total down from 12% for the same month a year ago. While the number of available properties increased to an average of 46 per branch compared to 44 in May, the number of house hunters dropped from an average 374 to 371. Mark Hayward, MD of the NAEA, said: "Things are getting even tougher for first time buyers. Not only do you now need to stump up ridiculously large sums of money in terms of deposits and stamp duty to be able to get on the ladder, but new rules mean buyers will also have to prove they can easily afford repayments now and in the future." Paula Higgins, chief executive of the Home Owners Alliance, commented: "The door is closed to a generation. Young people feel so disenchanted that they are living in their childhood bedroom when they are 35."