Prospective first-time buyers sink to new low
News Category: Industry News
Published: 01-Sep-2010
The proportion of buyers expecting to buy for the first time in the next 12 months has sunk to a new low.
A year ago, 31% of people expecting to buy said they would be buying for the first time. Today, that proportion is just 22%, Rightmove has reported.
While most prospective first-time buyers would still like to buy, their desire to do so remains stronger than their ability: over half (55%) cite mortgage problems, including the ability to raise a deposit and fund monthly repayments.
The findings emerge in a survey of 22,000 people last month.
If the survey forecasts are correct, then the number of first-time buyers will be lowest in Wales and the West Country, where less than 18% of purchasers will be buying for the first time.
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