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Still difficult for first time buyers to get on the property ladder

Still difficult for first time buyers to get on the property ladder

Martin & co have sourced this information from Rightmove. They forecast  first-time buyers for the final quarter of 2012 reveals that 25 per cent of those who intend to purchase in the next 12 months will do so for the first time, still well adrift of the 40 per cent level traditionally seen prior to the recession. 36 per cent of prospective first time buyers cite raising enough of a deposit as their single biggest concern and 22 per cent will only have managed to raise a deposit of less than 10 per cent by the time they are ready to buy, excluding them from the most attractive mortgage deals.

Rightmove’s research also finds that while the deposit challenges set by lenders continue to keep first-time buyer levels muted, other obstacles for first-time buyers include: finding a suitable property, affordability in their neighbourhood and accessing acompetitive mortgage deal.

Tony Lindberg, Martin & co Southend director says, “ The obstackles for first time buyers to get onto the property ladder seems to be getting longer rather than shorter.

Raising a sufficiently large deposit stubbornly remains the major concern for intending first-time buyers, but we are now also seeing how the issues facing second-steppers are affecting the fortunes of firsttime buyers in terms of finding a suitable property to buy and local affordability”.

Around one in five (18 per cent) second-steppers believes they are currently in negative equity and therefore reluctant or unable to come to market. The shortage of new properties to market from this group in turn restricts the supply of properties that often suit first time buyers.

 

Please contact Michael Hoy Residential sales manager on 01702 430417 for your property needs.