Demand for first-time buying ‘on the rise’

First-time buyer demand is rising, according to new research by the Royal Institution of Chartered Surveyors (Rics).

The Rics August Housing Market Survey found that 13 per cent more surveyors recorded an increase in first-time buyers than saw a fall.

On a quarterly basis, the positive balance was 28 per cent.

There were some regional variations, with 23 per cent of buyers being first-timers in the north-west in the three months to the end of August, compared with only six per cent in East Anglia.

Rics chief economist Simon Rubinsohn remarked: “House price falls and lower interest rates have gone some way to tempting first-time buyers back into the market.”

The Bank of England base rate has now been held at 0.5 per cent for seven months in a row.

Last week, minutes of the Monetary Policy Committee meeting for October revealed all nine members had voted to keep this unchanged again.

Leave a Reply

Your email address will not be published. Required fields are marked *