Leading UK property website Rightmove says that first-time buyers are ‘surprisingly’ upbeat about the property market with around 30% of buyers over the next 12 months expected to be a first time buyer.
It said there are more prospective first-time buyers than at any time for three years, and that while the biggest concern for 33% is about raising a deposit, the proportion is down from 42% a year ago.
Almost three in ten people expecting to buy a property in the next 12 months will be a first-timer, Rightmove said. And the average age of the intending first-time buyer has fallen by one year to 31.
Miles Shipside, director of Rightmove, said: “The results come as a welcome surprise, and hopefully, this three-year high in intending first-time buyers will come to fruition.”
He added: “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.”Rightmove questioned 19,434 potential buyers in April for its latest survey.
David Sansome, Managing Director at Sansome & George said: “There is no doubt that the number of first time buyers has reduced significantly in recent years due mainly to tighter lending requirements. Every survey undertaken in this time has however indicated a “pent up” demand from those wishing to get on the “property ladder” for the first time.
Many first time buyers may have been delayed in their home purchase plans but I am confident of a steady return of the first time buyer in the months and years to come.”
