First-time buyers 'not put off' by credit crunch

23-Jun-2008

A large proportion of first-time buyers are still keen to get on the property ladder in spite of ongoing economic instability, it has been claimed.

Representatives for SmartNewHomes.com revealed the results of a survey which indicated that the majority of first-time buyers have not been put off their search for a home.

Out of the 200 individuals polled, just 13 per cent admitted being discouraged by the current financial climate, while only eight per cent imagined having to pay more than £200,000 for their first house.

"While some first-time buyers' perceptions of affordability may be unrealistic, competitive prices are still achievable and the recent cooling of prices has increased accessibility," remarked David Bexon, managing director of the publication.

He continued: "A range of excellent developer incentives and schemes are also currently available, which in some cases have allowed buyers to bypass financial constraints and secure a more competitive mortgage."

Around 46 per cent of potential homebuyers surveyed were looking to purchase a property single-handedly, while a third said they intended to buy with a partner.

The Association of Mortgage Intermediaries revealed last week that an increasing number of first-time buyers turned to mortgage advisers for financial guidance in the first quarter of this year.

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