View more on these topics

Estate agents: Under 30s are being squeezed out of market

Younger borrowers are increasingly struggling to get onto the housing ladder despite an increasing in the total number of first-time buyers in August, new research has found.

The National Association of Estate Agents housing market report shows just 3 per cent of all recorded sales in August were to buyers aged 18 to 30, the lowest level since the report began in August 2013 and down from 12 per cent a year ago. In August, borrowers aged between 31 and 40 accounted for 45 per cent of all sales.

August also saw an increase in the proportion of first-time buyer sales, amounting to 28 per cent of all transactions in the month – the highest level since April this year. First-time buyers as a proportion of all sales fell to 25 per cent in May and then to 20 per cent in June and July.

Research also showed 90 per cent of sales were to couples, with just 7 per cent of buyers purchasing a home on their own.

Meanwhile, 39 per cent of NAEA members claim to already have seen a drop in demand for properties due to fears around an upcoming interest rate hike.

NAEA managing director Mark Hayward says: “Reports from our members suggest that the high house prices of the current housing market are still proving a barrier for the younger generation.

“It is evident that first-time buyers are indeed getting older, with the majority of home buyers last month aged 31 to 40, suggesting some correlation between the increase in the first-time buyer market and this age group. 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.”



BoS heads league for mortgage complaints

Bank of Scotland has topped the FCA’s list of most complained about mortgage lenders in the first half of the year. According to figures published last week by the FCA, BoS had 16,204 mortgage complaints made against it in the first half of 2014, a 39 per cent increase on the 11,624 complaints it received […]


Media Spotlight: The Road to Recovery – Andrew Smithers

Not many outside the world of finance will have heard of Andrew Smithers, but those who have will know that he is one of the most controversial voices in the industry. A former investment banker with S G Warburg and now financial commentator, Smithers sparks debate and very often ire with his views and especially […]


Back on track after a dodgy summer

It feels like we have just sailed through a brief and unexpected lull in lending activity, with some conflicting indicators about the likely direction of travel.  Whilst the industry is well used to a summer down turn, in August this year it seemed there was a more noticeable fall away.  Dependent on which set of […]

Andrew Doyle cropped for comment

Capita appoints Ward as non-executive chairman

Capita Mortgage Services has appointed Home Funding chief executive Tony Ward to the role of non-executive chairman. Ward joined the board of Capita Mortgage Services, formerly known as Crown Mortgage Management, on 11 September. He previously served as chief executive at both Britannic Money and Mortgage Trust between 1990 and 2003, while prior to that […]


News and expert analysis straight to your inbox

Sign up