First-time Buyers Back on the UK Property Market

A recent report by Rightmove, a property website, decreasing house prices are attracting first-time buyers back onto the market. As such, the proportion of those who plan to purchase a house or apartment of their own in 2011 is 26%, which is up from 22% in July 2010.

This 4% increase came as the number of Brits who believe that property prices will decrease further rose to 33%, up from 20% in Q2 2010.

Commenting on the findings, Mr. Shipside, director of Rightmore, said that although falling house prices are very bad for property owners, they definitely are beneficial for those who plan to get onto the property ladder.

Rightmove research also revealed the following information:

• 1% of first time buyer mortgages are taken out by people who buy property with friends
• 2.5% of first-time buyers buy property with parents
• 28% of first-time buyers buy property on their own
• 69% of first-time buyers buy property as a couple

Let us remind that we have earlier reported that most Brits need to save almost 50% of their salary for many years to afford a deposit required by mortgage lenders.

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