Growing proportion of first-time buyers ‘think now is a good time’ to purchase The proportion of first-time buyers who believe now is a good time to purchase a property has doubled over the past year, according to research for a body representing building societies.
Paul Broadhead, head of mortgage and housing policy at the BSA, said: “It’s encouraging to see that first-time buyers’ confidence in the housing market has grown significantly in the last 12 months.
The BSA’s research indicated that a fifth (22%) of people generally think stamp duty costs are an obstacle to buying a new home, falling to 16% among first-time buyers.
Director of mortgages Ben Merritt said: “Our analysis suggests this change will particularly benefit people in city-centre locations in areas like London, the South East and parts of Scotland, where property prices tend to be higher and flats are therefore a popular choice.”.
First-time buyers will be hoping the (Bank of England Monetary Policy Committee makes) another cut to the bank rate today, to further ease their affordability pressures.
