News

27/10/2009 12:25:13

First-time buyers 'tempted back into purchasing'

An increasing number of Britons are looking to take their first steps on the property ladder, new research indicates.

The Royal Institution of Chartered Surveyors (Rics) reveals that 13 per cent of new enquiries about purchasing a home came from prospective first-time buyers.

Meanwhile, 28 per cent more chartered surveyors reported a rise rather than a decline in demand from first-time property purchases over the past three months, with enquires particularly high in the south-east and East Anglia.

Findings from the organisation also indicated that there has now been a positive net balance in new buyer enquiries for 11 successive months.

Simon Rubinsohn, chief economist for Rics, states: "House price falls and lower interest rates have gone some way to tempting first-time buyers back into the market. However, buyers still need to have greater deposits to access the market with lenders remaining generally cautious."

His comments come as the British Bankers' Association revealed lending for property purchasing rose £3.1 billion over the course of September to return to the level seen at the end of 2007.