First-time buyer confidence 'dented', says NAEA

27-May-2008

The confidence of first-time buyers has been dented by the credit crunch but property purchases remain good long-term investments, it has been claimed.

Chris Brown, president of the National Association of Estate Agents (NAEA), suggested that buyers are being cautious and assuming a 'wait and see' attitude before making any decisions.

"What people need to remember is that the market is stable and we are not seeing massive price drops," he remarked.

"There are still strong economic factors at play, such as high employment and low interest rates, and sales are still taking place," Mr Brown continued.

"Moreover, people need places to live and property purchase remains a good long-term investment."

He went on to point out that some agents have found it difficult to stop sales from falling through as people get 'cold feet' or fail to secure mortgages.

Last month, representatives for the NAEA emphasised the importance of "releasing the shackles on the mortgage market" so that consumer confidence can be rebuilt and allow the market to stabilise.

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Repossession data 'should be kept in perspective' First-time buyers taking 'wait and see stance'

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