First time buyers feel the pressure

01-Feb-2006

The pressure is on for first time buyers, according to figures released by Abbey, with 50 per cent determined to get on the property ladder as soon as possible.

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These feelings of pressure have significantly increased compared to the same time last year, when just 25 per cent were worried that prices would increase.

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"The proportion of first time buyers that feel they need to buy now has doubled since last year," confirmed Abbey's chief economist, Barry Naisbitt.

"However, we would urge first time buyers not to panic buy because purchasing a property is a significant commitment that requires careful consideration."

The research also showed that not all aspiring homeowners are in a hurry, with 25 per cent happy to wait until prices become more affordable and others oblivious to any pressure.

"If our forecast for house price inflation of two per cent this year is correct, then this suggests that there is less pressure to buy than if house prices were rising at 20 per cent per year," Mr Naisbitt added.

He emphasised the importance of taking the time to search out the right mortgage deal and find the perfect property, adding that saving for a deposit for the first step.

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