13 Dec

First time buyers 'crying out' for rate cut

First time buyers 'crying out' for rate cut

First time buyers are looking for a cut in interest rates as a Christmas gift, it has been revealed.

Research from Hotproperty.co.uk found that 25 per cent of first time buyers quizzed expressed a preference of a rate cut over cash towards a £10,000 deposit for their prospective home.

"First-time buyers are crying out for help, with one in four prepared to pass up a cash-in- the hand deposit in favour of interest rate cuts," said Shawn Luetchens, managing director HotProperty.co.uk.

However, while the findings suggest that some buyers understood the long-term benefit of a rate cut to affordability, it also uncovered that awareness of this is not as widespread as might have been thought.

Hence, some 62 per cent of respondents said they would prefer the proferred deposit, while 13 per cent said that would like a reduction in stamp duty.

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