The number of first time buyer transactions in October stood at 28,100 - a drop on previous months despite the fact that a typical deposit has also fallen and despite mortgage rates being unchanged.
Back in July there were 30,700 first time buyer transactions, some eight per cent above the most recent October level according to data from Your Move and Reeds Rains.
“First-time buyer sales are enduring a slight winter chill. As Christmas fast approaches – alongside all the additional costs that come with it – many will be holding off until the New Year” according to Adrian Gill, director of the two agencies.
“Despite the slight slowdown, however, the underlying figures remain strong. Sales totals are still high relative to previous years, with no sign that they’re about to slide back to the doldrums of 2012 and 2013” he says.
“With real-terms wages continuing to outstrip inflation and consumer confidence heading ever upwards, there’s every potential for the property market to kick back up a gear just after the New Year.”