They are all renting wisely waiting for the inevitable housing crash. Currently, only 8.8 percent of house purchases are accounted by first time buyers. In more normal times, such buyers took up about a quarter of the market. The disappearance of first time buyers is a red light flashing market over-valuation.
However, the lack of first time buyers isn't the only sign of an over-heated and bloated market. Houses are taking longer to sell, transactions are increasingly falling through, and houses are staying longer on the market.
All are classic indications that a correction on underway. For more details, click here.