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.”
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What's the typical deposit fallen to then? From £40,000 to £30,000. Oh joy. You either need a nice little inheritance or a stupidly well-paid job to get even close to cobbling together the deposit that I hear some people talk about. £80,000 in some cases. The world's gone mad, I tell you. Mad.
Doesn't surprise me in the slightest. Only those who are really financially fortunate seem to be able to get on the property ladder these days. This leaves the younger demographics becoming a part of 'Generation Rent' a sector which is already pushed for space, with more renters and not enough rental property.
It's only natural for there to be a general slowdown in first-time buyer purchases at this time of year, and the findings here show that this results are similar to previous years figures, so it's not as if there has been a sudden and unexplained drop. This will all work itself out come the end of December when the demand for property is higher.
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