Friday, Jun 16, 2006
NAEA had too much sun?
Firstrung: First time buyers increase from 7.9% to 12.5% in May according to the NAEA
Does this press release highlight fact, are first time buyers increasing? A rise from 7.9% to 12.5% in a month would represent a massive upswing in confidence at a time when house prices are still accelerating, (according to the NAEA), if only it was as simple as black and white...
Posted by Converted Lurker @ 09:24 AM (197 views) Add Comment
7 Comments
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1. harold said...
Encouraging rhubarb market
NAEA President, Charles Smailes, comments: "Landlords in particular should note that the rhubarb market is becoming more competitive. Although there are fewer rhubarbs on the market they are taking longer to let as prospective tenants explore all their options.
"I'm pleased to see levels of rhubarb stock, for sale, on the increase and hope this trend continues throughout the summer months. May is traditionally the start of the busiest time of year for rhubarb and these figures indicate the rhubarb market is stable.
"It is especially illuminating to see first time buyers come back. I would advise the Bank of England to take note of the effect that steady interest rates have had on the rhubarb market, especially this extremely important sector."
2. Surfgatinho said...
12.5% goes very neatly into 100% 8 times in fact. My guess is ther have only been 8 sales in May!!
3. Sloth said...
Of course it could be that larger and more expensive houses have stopped selling for some reason, thus raising the %age of smaller houses bought.
4. Bfskinner said...
surely 12.5% is still well below the long term trend for first time buyers
Surfgatinho makes a good point in that it is 12.% of what figure that makes the difference. If 100 houses were sold in April and May each this would amount to 8 ftb in April and 12 (ish) in May. however, the figures can be made to look even more attractive (BBC and daily express journo's take note for some tips)
8 ftb (7.9%) increasing to 12 (12.5%) in one month, is actually a month on month increase of 50% on the original april levels. (12=8x1.5) = 50% rise!)
I can see the BBC headline "Market booms as first time buyers increase by 50%"
the express I would predict "twice as many more FTBers who want to buy your home - Di killed by leftist, euro, islmasitc aslyum conspiracy - see page 2"
BFS
5. denzil said...
As a STR if I bought now I would be classed as the FTB. This was straight from the mortgage lenders mouth.
I friend of mine who is an EA and a member of the NAEA told me that he is seeing less and less FTB.
Another thing I have noticed of late when viewing property (something I consistently do) is that EA's are at pains to aggressively enforce the point that the vendor is open to offers, more so than ever before.
I wonder what fundamentals Mr Smailes thinks have changed to bring the FTB back into the market.
6. Twopper said...
Surely the BoE's primary responsibility is to control inflation, not to continue a ridiculous overpriced housing market for the benefit of the money lenders.
Please correct me if I am wrong.
7. George Monsoon said...
The only correction required here is affordable housing prices.
Stuff the hype, bring on the interest rate hikes, and lots of X5's with for sale signs on the dashboard....