First-time buyer sales drop for third month in a row to lowest levels since May 2013

Rising house prices, increased mortgage pricing and clampdowns on lending multiples continued to lock first-time buyers out of the housing market during May.

The National Association of Estate Agents said overall sales made to first-time buyers decreased from an average of 25 per cent in May to 20 per cent in June.

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Its Housing Market Report showed first-time buyer numbers were at their lowest level since May 2013.

Listings: More properties are being registered for sale

Some of the best mortgage rates have disappeared from the market in the past month and despite government-backed schemes such as Help to Buy which aim to get people on the property ladder, first-time buyers are still struggling.

Buyers aged 18 to 30 represented just three per cent of all house sales in June, the lowest percentage of young house buyers recorded by the NAEA since August 2013. This compared with 48 per cent of buyers aged 31 to 40.

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