Thousands of young adults disheartened by recent harsh property market conditions no longer have the desire to own their own home, and the number of first time buyers is continuing to fall, according to the National Association of Estate Agents (NAEA).
Only 19% of homebuyers during November were first time buyers, the lowest proportion of FTBs in the property market in a year, NAEA revealed.
Statistics compiled at local level by NAEA showed that nationally 16% of people do not want to own their own home*.
The number rises to over a quarter of people in Manchester (27.7%), Belfast (25%) and Brighton (25%), while Cardiff tops the national poll, with 30% of those surveyed not wishing to be homeowners.
NAEA chief executive Peter Bolton King attributed consumer disillusionment among first time buyers to the recession, but also to government’s refusal to extend higher levels of stamp duty relief beyond the end of this year.
Stamp duty of 1% is currently levied only on properties valued at over £175,000, but this will return to previous levels of £125,000 on 1st January 2010.
*Source: NAEA survey of 1,800 British adults nationwide
A great site! There is some really useful stuff here to consider and remember! Thanks for sharing! Does anyone know where else I can find out about information for first time buyers?
sure, please post link back to us as source