First time buyers encouraged by house price falls

| November 8, 2010 | 1 Comment
First time buyers encouraged by house price falls

Property website Rightmove has suggested that first-time buyers (FTBs) are returning to the housing market.

According to a report by the property website, which questioned 25,584 potential buyers last month, FTBs are encouraged by house price falls.

It found that around 33% of FTBs expect the cost of property to be lower this time next year, up from just 20% in the previous three months.

Meanwhile, just over a quarter of FTBs hope to purchase their first home in the next 12 months - up from 22% in July, said Rightmove.

FTBs are key to the housing market and a shortage of them has meant a full recovery has yet to be seen.

They still need a hefty deposit of at least 25% in order to secure a mortgage, according to figures, and this is why the numbers have been dwindling.

Finally, the survey also found that over half of FTBs are aged between 25 and 34.

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  1. Jon Bieri says:

    Hope is the right word.

    Because that’s all they have.Banks refuse to release their tight grip on the purse strings.

    Sure, you know they make a lot of noise about wanting to help.

    But my friend, were is the concrete proof?

    1st time buyers should not expect any help from banks.

    Get real, start educating yourself. It’s the only way you will get on the ladder if you only have a small or no deposit.

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