Only one in four home buyers are first time
8 March 2010
The number of first-time buyers has fallen sharply, with only one in four home buyers purchasing for the first time.
According to recent reports* the number of first-time buyers has fallen to 25.8%, a large drop from the 40% of housing transactions carried out by people buying their first property in a healthy market.
The first-time buyer market is an influential one, playing a crucial role in maintaining market movement and liquidity, as they help to complete chains, and long term market recovery relies heavily on this market.
The only area in which the number of first-time buyers is close to the normal proportion is in London, who still report 43%. The worst affected areas are in Scotland, where just 19.3% of people looking to purchase property are first-time buyers.
Statistics released by the Council of Mortgage Lenders has highlighted that only 198,200 bought their first home during 2009, the second lowest figure in this market since 1974.
* Report by Rightmove
Source: The Daily Telegraph
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