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TODAY'S OTHER NEWS

First-time buyers driven out of market

Life remains tough for first-time buyers with a shock fall in completions in the three months to October.

The new figures underline the urgency of Chancellor George Osborne’s attempts to help young buyers get on the property ladder.

In Wednesday's Autumn Statement and Spending Review Osborne announced he would build 400,000 affordable homes and support young buyers in the capital with a new London Help to Buy scheme.

The latest First-time Buyer Tracker from Your Move & Reeds Rains, published today, reveals the scale of the challenge.

There were just 28,100 first-time buyer completions in October, a fall of 8.5% over the last three months.

Rising purchase prices may be discouraging first-time buyers, with the average price of a first-time property standing at £128,225 in October, an increase of £4,475 on the same month last year.

Director Adrian Gill said: “First-time buyer sales are enduring a slight winter chill this month.

“As Christmas fast approaches – alongside all the additional costs that come with it – many will be holding off until the New Year before they put their first foot on the property ladder.”

Gill said first-time buyer sales figures remain relatively strong, with no sign of a return to the doldrums of 2012 and 2013.

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