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6 Oct

First Time Buyer Tracker - September 2015

Posted 6/10/2015 by: Reeds Rains Press Office

Strongest summer on record for FTBs as sales pick up 25% post-election

  • August sees 30,200 first-time buyer sales – an increase of more than a quarter (27.4%) compared to May
  • Transaction levels hold steady on July at a post-recession record and the highest total since August 2007
  • New changes make the last three months the strongest summer in eight years, with almost 90,000 sales in total
  • But rising costs may spell trouble for first-time buyers, as the average deposit rises 9% since May 2015

The number of first-time buyer sales in August leapt by over a quarter compared to May, according to the latest First Time Buyer Tracker from Reeds Rains.

August experienced 30,200 completed first-time buyer transactions, compared to 23,700 in May – the month of the General Election. This represents an increase of 27.4% on a three-month basis and means that 6,500 more first-time buyers completed property transactions in August than in May.

On a monthly basis, first-time buyer transactions matched July’s total of 30,200 sales, meaning that completed transactions are still at their highest level since August 2007, a post-recession high for the second month running. This makes the June to August period the strongest summer in eight years, with 89,800 transactions being completed by first-time buyers. By contrast, during the same summer period last year only 84,900 sales were completed.

Read the full report >