Many first-time buyers delaying property purchases
Published: 04-Mar-2008
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The majority of prospective homebuyers in the UK have put back plans to purchase their first property.
That is according to recent research from Abbey Mortgages, which revealed that 64 per cent of first-time buyers have postponed their property search due to various concerns.
Out of those consumers who had decided to delay their first step on the property ladder, 69 per cent said that they had been influenced by predictions of falling house prices.
Other first-time buyers cited concerns over finances and fears that they might lose their job as reasons for putting back their property search.
This could spell good news for buy-to-let landlords, as more people may seek to rent accommodation before buying their first home.
Nici Audhlam-Gardiner, director of mortgages at Abbey, commented: "We know how difficult it is for first-time buyers to get on the property ladder, and this is exacerbated by current market uncertainty."
Abbey maintains that buyers in Wales and the South West have been most affected.
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