Younger home buyers are being squeezed out of the housing market according to a report by the National Association of Estate Agents (NAEA).
The research found that 94 per cent of successful homebuyers in the last month were over 30 years old. Just six percent were between the ages of 18 and 30.
While buyers may not be getting any younger, first time buyers (FTBs) are increasing in number with 28 of all completed sales last month to FTBs, a slight increase on the figure of 25 per cent recorded in March.
The challenge for younger buyers is set against soaring demand for properties across the UK. NAEA members recorded 392 registered house hunters per branch in April, a 20 per cent increase in the figure of 313 recorded in March of this year. The rising demand means there are almost nine (8.7) registered house hunters for every property available.
In April, the majority of house hunters were looking to buy as a couple (89 per cent), with under one in ten (9%) looking to buy on their own, whilst almost three quarters of all buyers (74 per centt) were looking to move locally to a property within their town or city.
Mark Hayward, managing director of the National Association of Estate Agents, said: “Buyer demand typically increases in spring, but we are seeing a remarkable number of househunters registering with our member agents this month. The last time we saw this level of market demand was pre-crash, back in August 2006.
“While sales to first time buyers remain strong, fiercely competitive micro-markets in areas mean that many younger buyers simply still cannot afford to get on to the housing ladder. I suspect the phenomenon of older first time buyers will continue as the effects of the recession on younger people’s employment opportunities, plus higher student debts, take their toll.”
Loading ...