Why over 30s are dominating the property market
Young people are still finding it tough to get onto the property ladder, according to a new report by a leading industry body. The National Association of Estate Agents (NAEA) say that buyers aged under 30 represented just 6 per cent of homebuyers in April with the vast majority of homes bought by older people.
Keep reading to find out more about how younger first time buyers are being frozen out of the property market.
94 per cent of homebuyers are over the age of 30
Those aged over 30 made up 94 per cent of successful homebuyers in the last month according to a new report by NAEA. The number of first time buyers rose slightly in April 28 per cent of completed sales were to those getting onto the ladder for the first time – but these buyers were mainly over the age of 30.
The Daily Mail reports that the challenge for younger buyers is soaring demand for properties across the UK. NAEA members recorded 392 registered house hunters per branch in April, meaning that there are almost nine registered buyers for every property available.
Mark Hayward, managing director of the NAEA, said: “Buyer demand typically increases in spring, but we are seeing a remarkable number of house hunters registering with our member agents this month. The last time we saw this level of market demand was pre-crash, back in August 2006.
“While sales to first time buyers remain strong, fiercely competitive micro-markets in areas mean that many younger buyers simply still cannot afford to get on to the housing ladder.
“I suspect the phenomenon of older first time buyers will continue as the effects of the recession on younger peoples employment opportunities, plus higher student debts, take their toll.”
Single people are also struggling to get onto the property ladder. According to the report, in April 89 per cent of house hunters were looking to buy as a couple, with nine per cent looking to buy on their own.
Almost three quarters of all buyers were looking to move locally to a property within their town or city.
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