FTBs ?positive about market future?

31-Oct-2008

A survey has found that first-time buyers (FTBs) are still saving to buy their first home, despite the squeeze on consumer finances brought about by the economic downturn.

OneSearch Direct quizzed people under the age of 35 who are in full-time employment to find out their thoughts on the current state of the UK property market, reports Mortgage Solutions.

It comes after Nationwide yesterday reported falling house prices for the twelfth consecutive month, with the average property in the UK now worth almost £30,000 less than it would have fetched on the market 12 months ago.

But OneSearch Direct’s study found that 88 per cent of FTBs are still optimistic that the housing market will pick up again within a year and 70 per cent continuing to save money to buy their first home, the article noted.

Ronnie Park, managing director of the firm, told the news provider: “First-time buyers have long been a key pillar in the success of the housing industry.”

With more FTBs saving to buy their first homes, he also suggested that measures need introducing to speed up the transaction process.

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