First time buyers on the up and up
In a positive sign for the sellers in the UK housing market, the
number of people hoping to get on the property ladder has reached
its highest level for 12 months, according to new research.
As first-time buyers brace themselves for an expected increase
in house prices, property website Rightmove discovered that just
over 26% of people who expect to buy a property during the coming
year were first-time buyers.
According to experts, the increase is the result of many
first-time buyers anticipating house prices increases during the
coming year in the wake of worsening interest and inflation rates.
33% of those surveyed by Rightmove predict a rise in property
values, compared with 22% at the start of 2011.
"Despite prospective first-time buyers still being frustrated by
deposit-hungry lenders and stifled by sellers unwilling to reduce
their prices, this survey forecasts an upturn in their activity in
the next 12 months," said Miles Shipside, Director of
Rightmove.
"This is perhaps driven by their sense that the deals on
properties to buy and mortgage funding criteria are not going to
improve and so more have simply accepted these conditions and
decided to act."
According to Rightmove's figures, just over a fifth of
first-time buyers admitted to fears of meeting mortgage repayments
for their first property, while 10% were cautious about buying a
home because of concerns about finances, job security and had high
levels of debt.
If you're suffering from such fears, contact our experts today
and we'll do all we can to find your perfect property.