First time buyers up their offers

09-Feb-2006

Increased confidence amongst aspiring homeowners is encouraging buyers to make generous offers, according to new research.

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Figures released by Yorkshire Bank have revealed that one in five first time buyers are willing to pay more than the original asking price, compared to just 13 per cent at the same time last year.

Potential buyers are prepared to pay a premium to purchase their ideal home and get on the first rung of the property ladder.

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Analysts have attributed this relaxed attitude to an overall rise in confidence within the property market, as aspiring homeowners are optimistic that prices will continue to climb.

"Buyers are starting 2006 in a more positive mood than last year," confirmed Yorkshire Bank's Gary Lumby.

"The market has been showing some encouraging signs of growth in the last few months. House prices have been rising - albeit modestly - and the number of mortgage approvals is up."

The research also showed that some first time buyers are being discouraged by council tax rates and are waiting to see what changes are made before moving to a new area.

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