23
Sep
First-time buyers estimate they will purchase property in two years
The majority of first-time buyers expect to purchase a property in
the next two years, new research has claimed.
A survey of 1,500 first-time buyers conducted by the Co-operative
Bank and Places for People indicated that most respondents
currently perceive the need to save on average £19,100 in
order to enable them to purchase a property.
And first-time buyers are willing to make a few sacrifices when it
comes to choosing their first home, the poll revealed, with extra
bathrooms and a garage the two features this demographic will be
happiest to compromise on.
Victoria Drummond, operations manager for Places for People's
Ownhome arm, commented: "It is vital that the government and the
housing industry continue to offer simple, clear and innovative
products that provide first-time buyers with the essential
financial support needed to help them take their first steps onto
the property ladder."
Moreover, research by moneysupermarket.com has revealed that
first-time buyers are increasingly utilising parental support to
assist them to make a property purchase.
The survey indicated that half of first-time buyers had a parent's
name on their mortgage application in order to help share the
financial burden.
