According to the report, first-time buyers completed 28,100 transactions in October, compared to 30,700 three months earlier in July, when the figure marked highest number of first-time buyer sales since August 2007. The difference in volumes between July and October 2015 represents a drop of 8.5% – or 2,600 fewer completed sales.
First-time buyer completions fared little better when looked at on a monthly or annual basis. Between September and October 2015, the number of people who successfully managed to take their first step onto the ladder fell by 1.7% – or by 500 – from 28,600 to 28,100. Equally, first-time buyer sales fell from 28,900 to 28,100 between October 2014 and October 2015, representing a dip of 2.8%, or 800 transactions.
Monthly Transactions |
Average Purchase Price |
Average LTV |
|
October 2015 |
28,100 |
£128,225 |
83.1% |
September 2015 |
28,600 |
£127,800 |
83.2% |
1 month change |
-1.7% |
+0.3% |
-0.1 (from 83.2%) |
3 month change |
-8.5% |
+0.3% |
+0.4 (from 82.7%) |
1 year change |
-2.8% |
+3.6% |
+0.2 (from 82.9%) |
Adrian Gill, director of estate agents Your Move and Reeds Rains, comments: “First-time buyer sales are enduring a slight winter chill this month. As Christmas fast approaches – alongside all the additional costs that come with it – many will be holding off until the New Year before they put their first foot on the property ladder.
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 the 2012 and 2013 period. Moreover, 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.”