4
Mar
First-timers 'put off buying'
A high number of first-time buyers are now putting off purchasing a
property due to prices and economic conditions, according to
Abbey.
The bank noted that at the beginning of the year, 14 per cent of
those without a home wanted to buy but now just 36 per cent of this
group still think they will become homeowners.
In total, 74 per cent of first-time buyers cited "uncertainty" in
the economy and worries about prices for the change of heart.
Director of mortgages at Abbey Nici Audhlam-Gardiner warned
first-timers not to put too much pressure on themselves when
getting on the property ladder.
She commented: "As has always been the case, we recommend that
homebuyers give serious thought to affordability when purchasing a
home and not overstretch themselves."
If a market correction is seen, then buyers in this sector will be
the ones to benefit the most, chief executive at FirstRung Paul
Holmes recently said. 