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Wales Has Lowest Number Of First-Time Buyers In The Uk

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Slight contradiction here - Rightmove saying that Wales has the lowest number of FTBs then later on in the article an EA saying that they are seeing an upturn in FTBs.

THE proportion of first-time buyers expecting to enter the property market in Wales in the next year is lower than anywhere else in the UK, according to figures released today.

Experts say the number of people looking to buy their first home fell sharply during the past year.

Statistics from property website Rightmove showed the proportion of buyers hoping to buy their first home was highest in London at 39%, and lowest in Wales at 17%.

Overall in the UK, only 22% of potential buyers were looking to buy their first home in July, down from 31% during the same month of 2009.

It is the lowest level the website has recorded since starting its quarterly consumer confidence survey, which attracted a poll of 22,010 people during July.

Rightmove warned that the current proportion of first-time buyers was half the level needed for a healthy housing market.

Miles Shipside, commercial director of Rightmove, said: “With the number of prospective buyers at the bottom of the chain being half of normal levels, the question sellers further up the chain will be asking is ‘who will be at the bottom of my chain?’”

The availability of mortgages continued to be people’s main concern about buying a house, with 55% of first-time buyers saying mortgage-related issues, such as raising a deposit, were among their biggest worries.

But people were less concerned about house price falls, with 73% saying they thought house prices would be around the same or higher in a year’s time.

Only 20% of first-time buyers thought house prices were set to fall, although this was up from 13% three months ago. Just 6% of potential buyers were worried about job security.

Mr Shipside said: “Those who believe prices will be lower may be seeing it as an opportunity to pick up a bargain, while those who forecast higher prices may be looking to get on the housing ladder before it gets out of reach. A lot will depend on local market conditions where people intend to buy.”

Meanwhile, estate agents in Wales said they were seeing an increase in the number of first-time buyers coming forward.

Nigel Jones, director of John Francis estate agents in Carmarthen

, said: “We’re actually seeing more first-time buyers coming back into our offices having spent the last couple of years building up a deposit.

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Yes, the DVLA has cornered the market in road tax! Great Welsh success story that. No one else could have done it. :blink:

I was looking on that Not The Nine O Clock News" sketch "Failed In Wales." Find the real thing instead!

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  • 433 Brexit, House prices and Summer 2020

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      • down 5% +
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