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MONDAY 23RD MAY 2005  UK MARKET HOLDS FOR FIRST TIME BUYERS For the second month running the average number of sales agreed by first-time buyers was over 22%, according to the National Association of Estate Agents. First-time buyer sales achieved a record for the year in April with an average of 23.59% compared to 22.3% in March. Just over 10% of all sales throughout January and February 2005 were first-time buyers (11.74% and 10.1% respectively). The return of first-time buyers indicates that the rise in stamp duty relief has proved successful in a number of areas. It is also an indication that the buy-to-let market is slowing as there are a greater number of first-time buyer properties available. The average number of buy-to-let sales per agent in April was 1.04 compared to 2.15 in the same month last year. Prices remaining steady The run up to the 2005 General Election saw prices remaining steady with buyers exercising caution, as the average house price in April rose 0.7% from the same time last year. While a decrease of 3.4% was recorded in the average number of viewings between March and April 2005, demonstrating buyer reluctance over the election period, the number of transactions exchanged during the month rose 17.6%. Meanwhile, the average number of new instructions rose again in April, by 2.1%, indicating that sellers were still willing to test the market. Price forecasting There was uncertainty among agents when asked to forecast the housing market over the next six months. A short-term decrease but long term increase in house prices was forecast for the next 12 months, with agents expecting sellers to be hesitant during the election period, but to have more confidence in the market once the flurry of general election activity has settled. Election impact The average number of new sales agreed in April 2005 was 11.45 per agent compared with 12.17 in March 2005 and 13.27 for April 2004. This slight downturn is common before a general election when buyers often await the outcome before going to market. As a result of this the NAEA expects to see a rise in new sales agreed for 2005. Lettings The return of first time buyers to the property market has had a clear impact upon the lettings market with an average number of 6.7 properties available per agent in April compared to just 4.2 in May. The average number of buy-to-let properties sold in April fell to 1.04 per agent – less than half that of last year (2.15) indicating a gradual slowing of the buy-to-let market overall. These factors indicate that the growing confidence in the housing market could have less positive implications for the rentals sector. Fair deal for sellers The survey also revealed a downward trend in the typical discount from the asking price per agent. At only 4.21% in April compared to 4.49% in March 2005 the figure is at its lowest peak since August 2004 when it reached 5.52%. This is encouraging news for sellers who are not having to significantly drop prices in order to achieve a sale. Overall market comment Christopher Hall, president at the National Association of Estate Agent said: "This increase in the number of first-time buyer sales indicates growing confidence in the market place. We expect to see this positive trend continuing as consumer confidence rises following the election, and buyers prepare for the summer months." "In April, the weight of the May general election impacted upon the number of properties sold overall as buyers awaited the outcome. The results, however, indicate that it is still a buyers market, with sellers showing a grave reluctance to not only market at realistic prices but also to accept offers below the asking price. Those who are being more realistic about prices are finding that their properties are selling. Savvy sellers will be keeping their asking prices in line with the changing market place."

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