30th December 2011

First time buyers – an endangered species

I was very interested to read a report from Right Move regarding their predictions for the first time buyer property market for 2012. Right Move forecast that less than a quarter of purchasers will be first time buyers – 23%, a fall from 26% being the average for 2011 and considerably short of the 40% normally associated with a more active and healthy housing market. Right Move’s study provides an insight into the make-up of those who will purchase their first homes over the next 12 months indicating that the average age of a first time buyer will be 32 years old and will require to find an average deposit of £22,000. Given that most of this group are currently paying rent far in excess of monthly mortgage payments, the issue is not one of monthly income affordability but rather the problem is raising the deposit. I have stated this on many occasions and have urged the Government to take action to assist in this matter. My predictions for 2012 will follow in January.

Lindsay Darroch
Partner & Head of Property

 

 

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