Yorkshire Bank housing market survey finds buyers getting tough

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Yorkshire Bank housing market survey finds buyers getting tough

A Yorkshire Bank survey of the housing market has found that one in three first-time buyers are prepared to drop their offer at the eleventh hour, to make a seller discount their property.

New research by the Yorkshire Bank shows that 31 per cent of new buyers would consider the practice known as "gazundering."

The bank says their findings reflect a new-found confidence amongst those trying to get a first foot on the property ladder.

Yorkshire Bank spokesman, Gary Lumby said the number of first-time buyers prepared to drop their offer represented a "downside" to the growing confidence - gained from a slowing property market.

"A worrying proportion of first-time buyers would be prepared to drop their offer at the very last minute of the house buying process, leaving the seller in a quandary over whether to take the financial blow or to go through the hassle of putting the house back on the market," he said.

Despite the findings, one in ten (11 per cent) of sellers are now opting for buyers in smaller property chains, with first-time buyers seen as the ideal purchasers for those wanting to achieve a quick sale.

The latest quarterly Housebuyers Survey also found that the prospect of a drop in interest rates and steadying house prices were likely to tempt large numbers of first-time buyers back to the property market in 2005.

Of the 2,000 people questioned, 41 per cent said they thought now would be the best time in years to buy a first home.

And 30 per cent said they now felt confident enough to take time finding their dream property.

"It's good news that the numbers of first-time buyers are beginning to rate more highly their chances of getting on the property ladder," said Mr Lumby.

"This growing return of confidence is partly down to prices slowing down, and in some cases falling, and the expectation that any further rise in interest rates will only be slight," he added.

Related News : Housing market

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