Posted: 18 October 2012 by Higgins Homes
Today's first-time buyers are more focused on their finances than buyers who bought before the credit crunch according to a new report from the Yorkshire Building Society. The state of the economy didn't ruin hopes for couples looking to set up their nest, with 85% of people who took the survey saying that the main reason they bought their property was to set up a home with their partner.
Nearly half of all respondents agreed that property is a good investment at the moment, with half of first-time buyers in agreement. Three quarters of those who took the survey who don't already own property said they were hoping to own their own home in the near future, which is a positive indication that more people today are looking at the housing market with confidence. The report also highlighted that 76% of respondents who have yet to own property see it as a 'key aspiration' to get on the property ladder. However, more first-time buyers are having to look to family and friends to help financially now than 5 years ago.
Chris Smith of the Yorkshire group spoke out on today's mortgage market: In the last five years mortgage activity in general has more than halved, and today's first-time buyers are facing a squeeze on incomes and pay rates that are not keeping pace with inflation. However, it's encouraging to see the proportion of first time buyers has actually begun to increase in this period and more people are seeing home purchase as a prudent financial decision.
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