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First-time buyer levels 'hit 12-month low'
The number of first-time buyers taking up homeowner loans and purchasing property has reached its lowest level for 12 months, new figures have revealed.
According to the National Association of Estate Agents (NAEA), just 19 per cent of registered buyers in November were first-timers, which is the lowest figure since December 2008.
Around six months ago, first-time buyers accounted for 43 per cent of the market.
Gary Smith, president of the NAEA, said the organisation had warned the government over the trend months ago.
He added: "Any tax holidays result in a distortion in the market and in the case of Stamp Duty needed to carefully managed and phased out rather than falling of a cliff.
"Unfortunately as first time buyers often form the foundation of selling chains there could be repercussion throughout the sector."
Recent figures published by the Council of Mortgage Lenders found that gross homeowner lending reached an estimated £12 billion in November.