News Benham & Reeves respond to NAEA Propertymark Housing Report

Published by AgentPro on 1st December, 2017

The latest NAEA Propertymark Housing Report reveals the proportion of sales made to first-time buyers has fallen to it's lowest level in eight months.

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The number of properties that sold for more than the asking price has been stagnant since July, but this month rose to four per cent - the highest it has been since May this year.

Despite a significant increase in demand for September, the number of of house hunters registered per branch dropped 11 per cent this month, from 394 to 349.

James Morton, Director at high-end London estate agent Benham & Reeves told Estate Agent News:

“It looks like the abolition of stamp duty has come at the right time for some first-time buyers.  It isn’t the relief the industry asked for but it is at least a step in the right direction.

“However, stamp duty alone won’t be enough to get the market moving.  Houses are in limited supply, and well-documented construction labour shortages mean that we won’t see property being built in any volume, at least in the short term. If we aren’t careful, we could see the shortage pushing house prices up, which would quickly negate any savings for first time buyers. 

“Extending stamp duty relief to ALL buyers under £300,00, or preferably £500,000 would have more impact across the market as a whole, enabling second-time buyers to move and free up much needed starter homes for first time buyers.  Like many others in the property market, we’ll keep repeating the call until somebody in the Treasury listens.”