Members of the NAEA have reported the highest number of sales to first-time buyers since it started recording the data in 2000.
A third of total sales made in October were to first-time buyers, a 9% rise from September and the highest number in the 16 years the NAEA’s Housing Market Report has been going.
The number of sales agreed stayed the same in October at an average of nine per branch, while the number of properties available on average per branch hit a seven-month high in October at 43. This is an increase of 7.5% from September and the highest number recorded since March this year.
The average number of house hunters increased by a third to 440 per member branch in October, the highest level recorded since February this year, when there were 463 prospective buyers on estate agents’ books.
Mark Hayward, managing director of the NAEA, said: “This month’s report paints a positive picture for the UK housing market.
“Our findings over the last few months indicated mild uncertainty immediately following Brexit – and last month we even saw sales to first-time buyer sales fall.
“After shrugging off the uncertainty, we have seen an increase in supply and a rise in the number of sales to first-time buyers this month – proof the market is beginning to bounce back.
“Clearly what we need now, though, is a clear plan as to how the Government is going to tackle the chronic shortage of homes that we are facing.
“During the Autumn Statement, the Chancellor announced a boost to house-building which is a start but sadly nowhere near enough.
“We have high hopes for the Housing White Paper as this will set the housing strategy and intent for this Government going forward.”