Rightmove has released figures this week suggesting fewer houses are coming onto the market – and that they are taking longer to sell. In December 2016, there were an average of 51 properties on sale per UK agent, down from 61 six months earlier. Where the average UK property took 58 days to sell in June, this had gone up to 72 days in December. The slow down was also reflected in regional figures, with the South West average house price falling 2.2 per cent, taking the average property price in the region down to £282,373, from a December high of £290,958.

Rightmove divides its data into ten regions – five regions saw increases, and five saw decreases. The trend for the UK in the first weeks of 2017, is very slightly up. However, Rightmove has experienced increased traffic to their site compared to a year ago, up by 5% since Boxing Day, which has suggested a lull rather than a drop. The increase in search activity is notable given that a year ago, market activity was buoyed by the November announcement that second home stamp duty would apply from April 2016. With this year having no such catalyst there is a new year opportunity for first time buyers to fill the void left by buy to let purchasers.

The new year could give first time buyers increased choice and more negotiating power: With markedly fewer buy to let purchasers than this time a year ago, the number of sales agreed in the typical first time buyer sector of two bedrooms and fewer was down 13.2% in December compared to the same month in 2015 (sales agreed in this sector are still up 0.8% when compared to December 2014 which was not distorted by the buy to let rush). As a result, available stock for sale in this sector is up 1.9% compared to last year, offering more choice for first time buyers. This contrasts with the same period a year ago, when available stock fell by 18% as active buy to let purchasers reduced choice and limited buyers’ ability to negotiate.

A restraining force on potential first time buyer activity is increasingly stretched affordability. Their favoured target sector of two bedrooms or fewer has seen the biggest price rises both month on month (+2.6%) and year on year (+6.4%) of any sector, partly a legacy from last spring’s buy to let surge.

Mark Manning, Director of Manning Stainton said: “New seller enquiries are 26% up on the same time last year giving the strongest indication that we may see a slight ease in the lack of supply in the market. Now this will be welcome news amongst first time buyers who have registered in strong numbers and are waiting for much needed new stock to come to market. Combine this with a comparative reduction in new investors and landlords of 32% over the last quarter compared to the same quarter a year ago and this may well be the year of the first time buyer.”