First time buyers still believe

Published: 05/07/2012

They say when you’re faced with a problem, a positive mental attitude is vital. The plight of the first time buyer has been well documented; tighter lending criteria including substantial deposits have made those first steps on the ladder near on impossible. However despite the uphill struggle, first time buyers are remaining positive about the housing market.

In the latest survey by Rightmove, there is a somewhat surprising positivity from first time buyers in regards to their outlook and capability to get onto the property ladder.

From the survey the property website giants found:

• First time buyer prospects are at their highest level in nearly three years, accounting for nearly 3 in 10 of those who expect to buy a property in the next year
• Average first time buyer age drops by one year
• Nearly two-thirds of first time buyers plan to get on the ladder with a partner.

Miles Shipside is the Director of Rightmove:

“The results come as a welcome surprise; hopefully this three-year high in intending first-time buyers will come to fruition.

“It seems that some five years into the property market downturn, more are getting their heads and wallets around the new rules of first-time home-ownership, though they still face some testing challenges.

“The property market needs this upward trend in first-time buyer activity to continue as first-time buyers perform an essential role at the bottom of the property market food chain. They give second-steppers the resources to trade up the housing ladder, as well as alleviating demand and upwards rental pressure in the rented sector.”

Content correct at time of publication