Abbey sees downturn in first time buyer mortgage take-up

30 March 2005
A new report by Abbey has found that One in three potential first-time buyers want to buy this year but only five per cent are confident they'll be able to do so.

This figure compares to research carried out by the bank last year indicating that 18 per cent were confident three months ago.

Abbey claims the survey reveals first-time buyers are suffering a crisis of confidence about securing their first property.

However, while 37 per cent of first-time buyers say there are not enough properties on the market in their price range, but 29 per cent are simply waiting for prices to come down.

First time buyers are also looking to make a shrewd buy with 45 per cent thinking the time is right to make an offer lower than the asking price and of these people, more than three quarters (77 per cent) would consider doing this.

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