Confidence boost for aspiring homeowners

11-Oct-2005

Confidence levels among aspiring homeowners have significantly risen in the past few months, according to Abbey's quarterly report.

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The survey on the current activity of first time buyers revealed that the overall outlook was optimistic and that one in ten potential buyers was encouraged by the August cut in interest rates.

Figures showed that one in five would purchase their first property if a further cut was made, marking a three per cent increase compared to the previous quarter.

Overall, 34 per cent said they felt positive over their ability to get on the first rung of the property ladder in the next 12 months, which is a noticeable increase on last quarter's figure of 29 per cent.

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However, the report also indicated that many aspiring homeowners are not aware of the full cost of buying a house and that more preparation and advice is needed.

Abbey urged first time buyers to consider all the associated expenses, such as solicitors' fees and stamp duty, and to seek out mortgage advice.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley, click here

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