Demand for residential property reached its highest level since 2007 last month, according to the latest housing report from the National Association of Estate Agents (NAEA).

On average estate agencies had 308 people contact them looking for property, up from 304 in August and the highest level in four years.

The number of houses available for sale per estate agency branch also increased, rising from 65 in August to 72 in last month, but sales remained static at eight per branch.

However, the number of sales to first-time buyers rose from 20 per cent to 22 per cent, but the NAEA are keen to point that the figures vary wildly across the country.

Wendy Evans-Scott, president of the NAEA, said: “The number of first-time buyers on the market has increased slightly over the course of the month, but our agents are reporting widespread regional variation. Lending still remains a real barrier to homeownership for this part of the market.”

Despite the increase in the number of first-time buyers finding their first step onto the property ladder, Labour MP George Mudie recently said that lenders and the Financial Services Authority (FSA) needed to do more to help drive the market.
 

First Time Property Buyers News