Landlords Not Helping First Time Buyers

If all reports are to be believed the buy to let investor is buying the lower end of the market properties so that would be first time buyers are able to rent accommodation and should therefore be grateful.

That does not seem to be the case as first time buyers tell another story. It appears that many have been out bid by investors and developers. It also apparently untrue that the majority of young professionals want to rent to give them flexibility, as often reported, they would rather buy.

Whilst no one blames the investors for buying the properties, promotion of the buy to let market should be more accurate.

Estate Agents Figures Down

With the uncertainty of the current economic climate figures for properties on estate agents books and those sold have dropped compared to those at the same time last year.

The number of those looking to buy a property rose by 3.8% in August averaging 326 registered on estate agents books compared to 314 in July. This is the lowest August rise since 2003.

First time buyer numbers were lower as they constituted only 9.7% of the market compared to 13.4 in August 2006. The number of four bed houses on the market has fallen since the first phase of the home information packs came into effect.

The average of house sales was twelve per agent, these were ten per agent in July and this time last year figures showed 15 sales agreed. It is also taking 18.2 weeks to sell property compared to 17 weeks a year ago. The number of sales falling through has increased.

The gap between the asking price and actual selling price also rose by 0.4%. This gap is the largest since February 2006.

Figures are showing a low price inflation is possibly on its way, but the second phase of home information packs will probably cause more problems to the market as people ‘wait and see’ until the full impact is showing.