NAEA insists first time buyers still at record low

The National Association of Estate Agents is sticking to its guns insisting that first time buyers represent only 20 per cent of recorded sales.

Indeed in its latest figures - just released but applying to sales in August - the association claims the number of buyers aged between 18 and 30 remains is just three per cent. Implicitly, this suggests its other first time buyers are aged above 30.

It's evident that first time buyers are indeed getting older with the majority of home buyers this month aged 31 to 40. If interest rates do rise, the majority of NAEA members agreed that this will affect the demand for property according to Mark Hayward, NAEA managing director.

The average number of house hunters registering with NAEA agents increased slightly, from an average of 368 house hunters in July to 372 in August.

Mark Hayward says this yet again emphasises the need for the government to take action and ensure measures are in place for more new homes to be built to address the housing shortage.

Last month the NAEA robustly defended its first time buyer data after a Twitterstorm during which an analyst from Savills described the association's figures as bonkers and agents were sharply critical of the validity of the data.

Only yesterday Estate Agent Today reported figures from LSL Property Services showing that the number of first-time buyer completions across the UK rose by just over seven per cent in the 12 months to the end of August.

There were 28,300 first-time buyer completions in August itself, 7.2 per cent more than in the same month a year earlier. It was the third consecutive month in which first-time buyer completions topped 28,000 according to LSL.

At the time NAEA president Simon Gerrard told Estate Agent Today some of the criticism from agents was based on envy that the association had secured so much publicity from its FTB claims.