Two thirds of FTBs postpone home purchase
Among first-time buyers (FTB) looking to get onto the property ladder, two thirds of young people say they are putting off plans to buy their first home.
That's according to a new study by Abbey, which found that affordability issues are combining with concerns over negative equity and the faltering UK economy to convince many consumers that now is not the time to buy.
While some sceptics have suggested the Abbey report has expediently been timed as a precursor to its widely-anticipated withdrawal from the FTB market, most analysts would agree this is indeed a dangerous time to become a homeowner.
The research found that among the 14 per cent of non-homeowners who were considering investing in their first property two months ago, just 36 per cent are still planning to go ahead with the move.
"We know how difficult it is for first time buyers to get on the property ladder, and this is exacerbated by current market uncertainty," commented the Abbey spokesperson. "As has always been the case, we recommend that homebuyers give serious thought to affordability when purchasing a home and not overstretch themselves."
Published 5th March, 2008
© 2008 Estates IT Limited
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Among first-time buyers (FTB) looking to get onto the property ladder, two thirds of young people say they are putting off plans to buy their first home.