FTBs lacking confidence

Site Last Updated: 06/03/2007

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Nearly all first-time buyers, 98%, believe they are leaving in an area in which prices have risen over the past year, research by website FirstRungNow.com has found.

FTBs lacking confidence

The same proportion of respondents to the survey, in which 1000 aspiring first-time buyers were questioned, would like to buy a property now but fear they cannot afford to.

Despite moves by some lenders to offer specific first-time buyer products to borrowers, only 74% of those polled felt there were more financing options available to them now than a year ago.

Helen Adams, managing director of FirstRungNow.com, commented: “I am concerned that only 74% of aspiring first timers think that the finance options are better than they were a year ago as I believe there are some really innovative schemes and mortgages for them now. The property and finance industry is now realising how creative they need to be to help these people buy their first home. It’s just a matter of making sure these first timers know all the options on offer”.

Despite Adams’ positive predictions, the survey concluded that 63% of first-time buyers felt they would be better waiting until next year to buy a property.