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.