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First time buyer demand rising

First time buyer demand rising

Category: Mortgages

Updated: 26/10/2009
First Published: 26/10/2009

MONEYFACTS ARCHIVE
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First time buyers are continuing to return to the property market after it was revealed enquiries from new buyers in August registered a positive net balance for the eleventh consecutive month.

According to the latest research from the Royal Institution of Chartered Surveyors (RICS), 13 per cent of new enquiries during the month were from first time buyers.

Meanwhile, a net balance of 28 per cent of surveyors reported that the number of first time buyer enquiries had increased over the past three months.

Those looking to take their first step onto the property ladder have been arguably the greatest victims of the recent problems in the mortgage market, after lenders withdrew their higher loan to value mortgages.

"House price falls and lower interest rates have gone some way to tempting first time buyers back into the market," said Simon Rubinsohn, RICS chief economist.

"However, buyers still need to have greater deposits to access the market with lenders remaining generally cautious. This is making it hard to translate this interest into hard transactions."

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