First time buyers 'don't plan to move for 10 years'

12-Feb-2007

Some two-fifths of recent first time buyers in the UK plan to live in their inaugural property for ten to 15 years, according to new findings.

Research from Clydesdale Bank suggests that 37 per cent of homebuyers, including first time buyers, want to move into a property which does not need any work done to it.

Other findings from the study show that 63 per cent of those buying properties would not spend more than ten per cent over the asking price.

To find out which is the best first time buyer mortgage for your situation, contact a good mortgage broker.

Steve Reid, Clydesdale Bank's director of retail banking, said that homebuyers are generally confident that house prices will continue to rise, despite three recent interest rate increases.

"Buyers' budgets appear to be a lot tighter - which explains why they are offering less and looking for properties they can move straight into without much DIY," said Mr Reid.

"Should this trend continue throughout the year, then prices may well flatten out and be nowhere near the levels of growth experienced in 2006."

Last week, financial services provider Abbey released research which showed that would-be first time buyers would sacrifice their annual holidays to get on the first rung of the property ladder.

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