Abbey Mortgages: First-time buyers getting cold feet

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Abbey Mortgages: First-time buyers getting cold feet

Wed 5th Mar 2008

New research from Abbey Mortgages has revealed that almost two-thirds of first-time buyers are delaying moving into the property market, amid concerns over house prices and the future of the economy.

At the beginning of this year, 14 per cent of non-homeowners were considering making that first tentative step onto the property ladder, but now only 36 per cent of that group are planning to go ahead with their purchase.

The main reasons cited by first-time buyers for their hesitation was speculation about house prices and economic uncertainty, with 69 per cent concerned that house prices would fall and 67 per cent feeling that their finances are already too stretched.

Apparently potential home-owners in Wales and the south-west have been most affected, with a huge 87 per cent of those planning to buy a property at the start of 2008 changing their mind.

Nici Audhlam-Gardiner, director of mortgages at Abbey, said: "We know how difficult it is for first time buyers to get on the property ladder, and this is exacerbated by current market uncertainty."

In other news, research from Abbey Insurance has found that despite the fact that the price of gold has risen by over 30 per cent in the past year, making many rings worth more than ever, 42 per cent of people do not have their engagement rings insured.

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