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TODAY'S OTHER NEWS

Sellers on the back foot as first-timers take advantage of slow market

Property sellers have been on the back foot over the slow summer period, according to the latest report from NAEA Propertymark. This has seen first-time buyers taking advantage of increased property supply and lower overall demand.

The organisation's monthly survey of estate agents found that 30% of all sales in July were made to first-time buyers, up from 23% in July 2017.

Meanwhile, the supply of property available continued to rise for the third month in a row. The number of available properties per estate agency branch reached 41 last month, up from 39 in June, 37 in May and 33 in April. 

Last month's figure marks a 17% increase on the average of 35 available properties recorded in July 2017.

Agents also report that demand for homes continues to dip with the average branch having 303 registered buyers in July - the second monthly fall and the lowest figure recorded since December last year.

Figures show, however, that demand has dipped between June and July for the last three years. 

NAEA Propertymark chief executive, Mark Hayward, says it's unusual for first-time purchasers to take advantage of the summer market as other buyers put their plans on hold for the holiday season.

He says, however, that demand could rise in the coming weeks as more buyers typically 'storm the market' in a bid to complete sales before Christmas.

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