First-time buyers drive new homes market

FIRST-time buyers are now opting for 30 and even 35 year mortgages, according to Real Estate Alliance chairman, Thomas Potterton.

Speaking at the group’s AGM last week, he said that demand countrywide is concentrated in the new homes market with first-time buyers being the main drivers of new home and apartment sales.

With 35 branches nationwide, the REA has captured 14% of the property market, said Mr Potterton, at a total value of 1.5 billion.