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First-time buyers offer market a 'glimmer of hope' - The Guardian

The proportion of first-time buyers entering the housing market increased for the third month in a row in November, figures showed today.

The National Association of Estate Agents (NAEA) said 10.4% of all properties sold during the month were bought by first-time buyers, up from just 8.3% in August.

It said the improvement offered a "glimmer of hope" among otherwise gloomy statistics as the property market suffered from its traditional seasonal downturn.

House prices continued to fall during November, while there was also a dip in the number of sales agreed and the number of house hunters in the market.

The NAEA said the Christmas slowdown meant the full impact of recent interest rate cuts and government announcements to help the housing market would not be felt until the new year.

Chris Brown, president of the NAEA, said: "November, and indeed December, is always a quiet time for the housing market because people are reluctant to move home over the festive period.

"Bearing that in mind, and after what has been the most difficult year for the market in a very long time, these figures are definitely not as bad as expected.

"In fact, while it may seem a meagre offering, the glimmer of positive news that some of these figures reveal can give estate agents across the country some hope for a more prosperous 2009."