A new study by property website Rightmove has found that there is a surprising change in the outlook for first time buyers.
The study found that the proportion of potential first time buyers intending to purchase their first property over the next twelve months is at its highest level for nearly three years. 27.9% of those surveyed confirmed they intend to buy over the next twelve months.
It was also highlighted that the average age of an intending first time buyer has also fallen from 32 to 31. The economic downturn has played a big part and with it about to enter its sixth year it has been clear for some time that planning is the key to becoming a successful first time buyer.
Concerns regarding first time buyers raising a deposit have also fallen from 42% to 33% in just one year. This figure indicates that more people are saving hard to secure their first home. The biggest concern for people now is finding the right property to buy; this is up from 23% to 30.2% in just one year.
It seems that potential first time buyers have realised there is little they can do about the housing market, resulting in them saving as much as they can in order to buy their first home.
Miles Shipside, director of Rightmove comments:“The results come as a welcome surprise, hopefully this three year high in intending first-time buyers will come to fruition.
“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.
“It has taken time for would-be first-time buyers to come to terms with the paradigm shift in the housing market, where once they were being pursued by risk-nonchalant lenders, today’s aspiring homeowners must get their finances in shape and make sure they are fit enough to jump the high credit-score hurdles that are now in place. It now comes as no surprise as to what is required in this new risk-averse world”.
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By Amanda Bainbridge