10 Nov

First-time buyer confidence shows improvement

First-time buyer confidence shows improvement

A new survey has discovered an improvement in the level of confidence of first-time buyers.

The study, carried out by conveyancing and research firm OneSearchDirect, found that 88 per cent of prospective first-time buyers believe the housing market will pick up again within a year.

It also established that 70 per cent of this group are currently still saving up to get on the ladder.

Commenting on the findings, OneSearchDirect's managing director Ronnie Park said the figures were a positive indicator for the industry.

He stated: "First-time buyers have long been a key pillar in the success of the housing industry and seeing some positive feedback from this demographic can only be seen as a good sign."

First-time buyers may be encouraged by last week's news that the Bank of England was cutting the base rate by 1.5 per cent.

Major lenders such as Abbey, the Royal Bank of Scotland and Halifax have all confirmed they are passing on the cut to their mortgage ranges.
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