The number of 18-30 year old property buyers remains at an all-time low, according to the latest figures published by the National Association of Estate Agents (NAEA). The organisation’s August Housing Market Report indicates that the younger generation continues to be ‘squeezed out of the property market’ as just three per cent of recorded sales for August were by those aged between 18 and 30.
The NAEA suggests that the majority of first time buyers are now aged between 31 and 40 as this demographic made up 45 per cent of homes sold in August by NAEA member estate agents.
The report also found that 90 per cent of buyers were couples, with just seven per cent buying alone.
“The high house prices of the current housing market are still proving a barrier for the younger generation. First time buyers are indeed getting older, with the majority of home buyers this month aged 31 to 40, suggesting some correlation between the increase in the FTB market and this age group,” said Mark Hayward, NAEA Managing Director. “It is concerning at the lack of young people unable to buy their first home before the age of thirty, having to rent or stay at home for longer in order to save.”
Hayward also said that although the increase in first time buyers is undoubtedly positive news, the majority of NAEA members believe that if interest rates do rise in the near future this will affect property demand.
In terms of housing stock for August, there was a decrease in the average number of properties available per NAEA member branch to 49 from 51 per branch recorded in July.
However, the average number of house hunters registering with NAEA agents increased slightly, from an average of 368 house hunters in July to 372 in August.
Commented on UK housing supply, Mark Hayward concluded: “The lack of housing supply is more than evident as our NAEA members record declining numbers of available properties on their books.”
He stressed that this emphasises the need for the government to ensure more new homes to plug the housing shortage as the gap between supply and demand continues to push up the nation’s house prices.
However Cadman Homes, an estate agent in Rugby have a solution. For over 7 years the family owned and run firm have helped many first time buyers both young and old get onto the proeprty ladder. Working closely with housing associations such as Bromford Homes, who supply affordable, quality (new and resale) homes in the Warwickshire area and further afield.
Shared Ownership spreads the risk of home ownership, whilst giving many young people the chance to get onto the property ladder who would otherwise not have the deposit necessary as mortgage criteria gets tougher. Adam McHenry, Head of Sales at the Rugby based estate agents told us;
“Shared Ownership is perfect for those who may not have the full deposit and surplus cash needed to buy a home. Buyers benefiit from a quality, new home and reduced mortgage costs. In many cases we can source excellent mortgage rates and move a buyer in to a new home in less than 8 weeks”.
Cadman Homes are jsut about to launch four new homes in Rugby, based on the Taylor Wimpy site at “Butterfield Gardens”, Technology Drive. They are the only 2 bedroom houses being sold on the site until next year and Cadman Homes recommend you get in quick to avoid dissapointment.
Call 01788 560905 or pop into their Rugby office on Castle Street in the town centre.