Our monthly propertymarket survey shows that the proportion of first time buyers (FTBs) looking to buy a property and put a foot on the property ladder has reached its lowest level for twelve months.

The survey of National Association of Estate Agents (NAEA) members found that in November, only 19 per cent of registered buyers were FTBs, the lowest since December 2008 when levels plummeted to 11 per cent. This figure pales in comparison to six months ago when 43 per cent of the market was made up of FTBs.

But as Gary Smith, President of the NAEA, rightfully points out, the decline in the first time buyer segment is exactly what the NAEA anticipated and warned the Government about some months ago.

Any tax holidays result in a distortion in the property market and in the case of Stamp Duty needed to be carefully managed and phased out. Unfortunately as first time buyers often form the foundation of selling chains there could be repercussion throughout the property sector.

On a much more positive note, given the usually seasonal lull the number of property sales remained steady in November with an average of eight sales made per branch. While the average number of available properties for sale per branch increased slightly from 57 in October to 58 in November.

It is encouraging to see that the property market is in a stronger and more stable position than it was twelve months ago. To sustain these improvements, the Government should put more pressure on banks to ensure lending is available.

You can read more about the survey in the FT online.