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First time buyers returning, statistics show
23 October 2008 15:25
First time buyers appear to be returning to the housing market, statistics published today (October 23rd) have revealed.
The National Association of Estate Agents (NAEA) monthly housing market report shows that while the economic climate remains challenging, almost ten per cent of purchases were by first time buyers.
This represents a slight improvement over August's data, which could likely be attributed to the recent Bank of England 0.5 per cent base rate cut.
President of the NAEA, Chris Brown, said that it was clear that certain factors are in motion within the property market, such as last month's stamp duty, but the government needed to do more.
He added that despite the positive indications from the results, consumers were still taking a wait-and-see approach on the market.
Earlier this week, Royal Bank of Scotland and its subsidiary Natwest announced two new fixed-rate mortgage deals.
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