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Competition hots up for first time buyers

Mon, 06 Feb 2006
New research by Yorkshire Bank shows that one in five first time buyers are willing to pay over the odds to secure a property.

Compared to 12 months ago, only 13 per cent of first time buyers were willing to pay over the asking price.

The reason behind this could be the increasing confidence in property prices, as more people are expecting prices to go up reaching a high in the last 18 months of 55 per cent in December last year.

Gary Lumby of Yorkshrie Bank said, "Buyers are starting 2006 in a more positive mood than last year, when there seemed to be a lot more uncertainty regarding where the housing market was going.

"The market has been showing some encouraging signs of growth in the last few months. House prices have been rising - albeit modestly - and the number of mortgage approvals is up.

"In fact, the Council of Mortgage Lenders recently reported record December lending figures. This more positive outlook is being supported by expectations of a further cut in interest rates in the next few months."

Another indication of the changing property market is that 16 per cent of seller were unwilling to accept offers below the asking price, which is up by four per cent this time last year.

Yorkshire Bank’s latest homebuyers report said sellers were likely to benefit from a more robust market in 2006 with property prices rising and pressure on buyers to offer the asking price.

A deterrent for first time buyers is high council tax with 23 per cent of first time buyers waiting for councils to announce a change in council tax amounts before committing themselves to purchase a property.
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