I was interested to read a report indicating that the number of first time buyer transactions rose nearly 5% in July to hit the highest figure since the recession. As readers of previous blogs will know, for a free flowing property market the number of first time buyers needs to be in excess of 40% of all transactions. It is also very important for all parts of the chain for there to be an appropriate number of first time buyers to ensure that the normal movement of the property market is sustained. This is a very welcome move and is another important milestone in the improvement of the property market.
I am still advocating a first time buyer incentive scheme backed by the government and I would also welcome the creation of a housing fund, supported by changes in capital gains tax as a further stabiliser protecting the housing market against economic turbulence.
Partner – Head of Property