'New-year optimism' for first-time buyers

17-Feb-2009

Despite the gloom and doom associated with the credit crunch, some first-time buyers (FTBs) appear to be singing a happy tune as they consider purchasing their first property in 2009, it has been suggested.

According to data published by the Royal Institution of Chartered Surveyors (Rics), buyer interest picked up for the third successive month in January - increasing by 16 per cent.

The study indicated that buyer interest has yet to translate into sales, but a property industry expert believes many FTBs are waiting on the sidelines.

Richard Hair, past president of the National Association of Estate Agents, said first property buyers are not flooding back into the housing market, but noted that interest from this group is picking up.

"There is definitely an increased demand from them and there's clearly some form of pent up demand that has come through from last year," Mr Hair commented.

The Rics study noted that optimism for increased property sales among its surveyors is most visible in London and across the south of England.

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