4 Mar

First-timers 'put off buying'

First-timers 'put off buying'

A high number of first-time buyers are now putting off purchasing a property due to prices and economic conditions, according to Abbey.

The bank noted that at the beginning of the year, 14 per cent of those without a home wanted to buy but now just 36 per cent of this group still think they will become homeowners.

In total, 74 per cent of first-time buyers cited "uncertainty" in the economy and worries about prices for the change of heart.

Director of mortgages at Abbey Nici Audhlam-Gardiner warned first-timers not to put too much pressure on themselves when getting on the property ladder.

She commented: "As has always been the case, we recommend that homebuyers give serious thought to affordability when purchasing a home and not overstretch themselves."

If a market correction is seen, then buyers in this sector will be the ones to benefit the most, chief executive at FirstRung Paul Holmes recently said. ADNFCR-1222-ID-18494503-ADNFCR

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