Decline in first-time buyers

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The proportion of first-time buyers looking to acquire property has reached its lowest level in a year, according to the National Association of Estate Agents (NAEA).

The monthly market survey of the NAEA members found that in November, only 19% of registered buyers were first-time buyers, the lowest since December 2008 when levels were only 11%.

Six months ago however 43% of the market was made up of first-time buyers.

President of the NAEA Gary Smith said: “The decline in the first time buyer segment is exactly what the NAEA anticipated and warned the Government about some months ago.

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