|
FTBs still determined to find property
18 June 2008 17:08
First-time buyers are not being discouraged from getting on the property ladder, despite the current financial crisis, according to a new report.
In a recent survey by online estate agent SmartNewHomes.com, only 13 per cent of respondents said that they have been put off buying a home by the current economic situation.
However, 66 per cent surveyed cited concerns over high property prices as the reason they had not bought yet and 51 per cent said gathering a deposit was their main financial hurdle for purchasing a home.
David Bexon, managing director of SmartNewHomes.com insisted that first time buyers have not been completely deterred by the current market conditions and that competitive prices are still available.
To assist buyers back into the market Mr Bexon believes that lenders need to relax their lending criteria across the board.
Earlier this week Nationwide, the UK's largest building society, announced a mortgage rate rise of 0.5 per cent for first time buyers, with warnings of further increases.
|
