In a poll amongst over 1000 aspiring first-time buyers by advice-site FirstRungNow.com, 98 per cent believe they are living in areas where prices have continued to rise over the last year. The same number would like to buy now ideally but fear they cannot afford to.
Although 91 per cent say they are keener to buy now than this time last year, only 74 per cent believe there are more financing options open to them than this time last year.
Helen Adams, managing director of FirstRungNow.com, commented: “We all know that prices are higher than ever – and little seems to be significantly impeding prices, making this a very difficult time for first-time buyers. Not only are property prices high but increasing interest rates are bound to be worrying them when considering taking out large mortgages. I am concerned that only 74 per cent of aspiring first timers think that the finance options are better than they were a year ago as I believe there are some really innovative schemes and mortgages for them now. We have a table of all the different types of mortgages and ways of borrowing a first-time buyer can now choose from on our website, plus a raft of other options on the market – I believe the property and finance industry is now realising how creative they need to be to help these people buy their first home. It’s just a matter of making sure these first timers know all the options on offer.”
Despite a strong will to buy a first property as soon as possible, 63 per cent concede that they might be better off waiting until next year before they take the plunge. There is clearly a band of people who hope or believe that property prices may stabilise over the next year as a measured 9 per cent are less keen to buy a property now than they were a year ago.
