10
Nov
First-time buyer confidence shows improvement
A new survey has discovered an improvement in the level of
confidence of first-time buyers.
The study, carried out by conveyancing and research firm
OneSearchDirect, found that 88 per cent of prospective first-time
buyers believe the housing market will pick up again within a
year.
It also established that 70 per cent of this group are currently
still saving up to get on the ladder.
Commenting on the findings, OneSearchDirect's managing director
Ronnie Park said the figures were a positive indicator for the
industry.
He stated: "First-time buyers have long been a key pillar in the
success of the housing industry and seeing some positive feedback
from this demographic can only be seen as a good sign."
First-time buyers may be encouraged by last week's news that the
Bank of England was cutting the base rate by 1.5 per cent.
Major lenders such as Abbey, the Royal Bank of Scotland and Halifax
have all confirmed they are passing on the cut to their mortgage
ranges.
