First time buyers 'turning to friends and family'

13-Aug-2007

Almost a quarter of first time buyers sought out friends and family for advice when considering purchasing their first home, new research from Abbey has revealed.

Twenty-three per cent opted to turn to loved ones while just 13 per cent opted for the services of a mortgage broker the study added, though this figure is on the increase.

The report found that 28 per cent of 25 to 34-year-olds said they used a broker, a figure closing in on the 29 per cent who used banks or building societies instead.

"The results show some promising signs for the future with a shifting attitude of young first-time buyers who are waking up to the benefits of seeking advice from intermediaries," commented Abbey for Intermediaries managing director Ricky Okey.

"Thirteen per cent of first-time buyers used a broker for advice suggesting brokers have a great opportunity to engage with them," Mr Okey added.

Part of the reason could be the mixed messages regarding mortgages that have been seen of late, with consumers heavily favouring short-term fixed-rate deals against a backdrop of government figures advocating longer term deals and reports saying that variable deals were now better value.

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