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FTBs look to buy now

FTBs look to buy now

Category: Mortgages

Updated: 27/10/2009
First Published: 27/10/2009

MONEYFACTS ARCHIVE
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Optimism continues to return to the property market after research revealed two thirds of first time buyers believed now is a good time to buy.

The latest Consumer Confidence Survey from Rightmove also found that 80% of buyers looking to take their first step onto the property ladder were of the opinion that prices will not fall any further in the next 12 months.

With the Royal Institution of Chartered Surveyors recently revealing the balance of surveyors reporting increased first time buyer enquiries had risen 28% in the last three months, it seems the property market might be finding its feet.

"Now could be a good window of opportunity for first time buyers if they can get a decent deposit together," said Miles Shipside, commercial director of the property website. "The market appears to have bottomed out and there are still bargains out there."

He also noted, however, that the increased number of new entrants to the market comes at a time when property choice is limited, with new stock coming onto the market in the ten months of 2009 down by a third on the same period last year.

The research also revealed positive signs throughout the market as a whole. The majority of respondents said they expected house prices to increase over the next 12 months, while just one in ten were expecting prices to fall.

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