Property News | Prospective first-time buyers sink to new low

Browse By Subject

Money

Property

Social

Professional

Prospective first-time buyers sink to new low

Wednesday, September 08, 2010

Source: Catherine Deshayes

The proportion of UK buyers expecting to buy for the first time in the next 12 months has sunk to a new low...

A year ago, 31% of people expecting to buy said they would be buying for the first time. Today, that proportion is just 22%, Rightmove has reported.

While most prospective first-time buyers would still like to buy, their desire to do so remains stronger than their ability: over half (55%) cite mortgage problems, including the ability to raise a deposit and fund monthly repayments.

The findings emerge in a survey of 22,000 people last month.

If the survey forecasts are correct, then the number of first-time buyers will be lowest in Wales and the West Country, where less than 18% of purchasers will be buying for the first time.

Source: www.estateagenttoday.co.uk