Latest News
First Time Buyer Confidence is Low
Despite record low interest rates first time buyers are showing little sign of kick starting a recovery in the housing market.
According to the latest quarterly Consumer Confidence Survey by Rightmove, the number of first time buyers expected to enter the market in 2010 has dropped for the third consecutive quarter.
Only 26% of people who expect to buy in the next 12 months will be first time buyers, dropping from 28% in Q4 2009 and 31% in Q3 2009.
Tony Rice, of Bedfordshire-based specialist mortgage and insurance brokers TMP Mortgage Zone, said: "People looking for a first time buyer mortgage are finding the conditions on lending very restrictive - even from the banks and building societies that the Government owns or part owns! There are still deals out there for first time buyers but you need to make sure who can access the whole of the market to find one that's right for you if you're struggling with the usual High Street names. However, without an increase in first time buyers coming onto the market the pace of any recovery in the housing sector is going to remain low."
[ 11-03-2010 ]
