First time buyers on the increase

06-Feb-2012

The number of first time buyers who intend to purchase their first home over the next year has increased to 24.3 per cent, according to a Rightmove survey.

The number is still well below the 40 per cent rate that is  considered ‘healthy’, although it is a positive sign for the property market. The figures correspond with recent news that buying is much cheaper than borrowing, with house prices at record lows and attractive mortgage rates making this the right time for buyers looking to make that all-important first step onto the property ladder.

Regional variations remain a prominent factor in the recent study, which shows 41.5 per cent of house buyers in London this year expected to be first-timers compared with 26.3 per cent in the north-west and just 19 per cent in the East Midlands. The numbers also reveal that the supply of housing has dropped, with the number of flats and terrace properties that usually appeal to first time buyers in short supply.

Miles Shipside, director at Rightmove, said: "First time buyer levels remain well below the historic norm of 40 per cent, but a slight increase of 1.4 per cent on the last quarter of those intending to buy for the first time offers some encouragement for the year ahead. The main issues of affordability and mortgage availability that have blighted first-time buyers over the last few years remain."

There is a vast array of mortgages for first time buyers so seek good advice

Published by Joshua Scott

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