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'Carpe diem' for first-time buyers

31 January 2006
Half of prospective first-time buyers think that it's now or never to get a foot onto the property ladder, according to a new report.

This is more than last year when just 25 per cent felt pressured to act now, research by Abbey shows.

However, an additional quarter of first-time buyers feel that house values will fall and they are waiting for more affordable prices before they get onto the property ladder.

But Abbey's report says that the feeling among industry analysts is that the housing market is recovering and so those hanging on for cut-price property may be disappointed.

"The proportion of first-time buyers that feel they need to buy now has doubled since last year," said Barry Naisbitt, chief economist at Abbey.

"However, we would urge first-time buyers not to panic buy because purchasing a property is a significant commitment that requires careful consideration."

He added that the forecast of two per cent house price inflation this year means that there is "less pressure" for Britons to buy now than if the house prices were rising at 20 per cent per year.

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