First Time Buyers Return To Market

[Pent Up]

http://www.google.com/hostednews/ukpress/article/ALeqM5jY2zKQhPPzW5OeSFNTRVo0XtcR8w?docId=N0206241289091395967A

House price falls are tempting first-time buyers back to the property market, research has indicated.

Around 26% of people who hope to buy their first property during the coming year are first-time buyers, up from a low of 22% in July, according to property website Rightmove.

The group said the small increase in the number of first-time buyers who thought they would be able to get on to the property ladder coincided with a rise in the number of people who think house prices will fall during the coming year.

Seems to be some sort of rightmove survey.

Just a shame these first time buyers won't be able to get a mortgage even if they do intend to buy.

Edited November 8, 2010 by Pent Up

[mrpleasant]

Spun as 'good news for the housing market' on BBC Breakfast, of course. Ray Boulger was wheeled on as the rent-an-expert.

[Ash4781]

I can only see percentages

[Pent Up]

Spun as 'good news for the housing market' on BBC Breakfast, of course. Ray Boulger was wheeled on as the rent-an-expert.

It is good news. It's an excellent time to put your house on the Market now there are flloods of FTBs waiting to commit financial suicide and bail you out of your debts.

(just don't mention the fact that they can't buy even though they want to!)

[aussieboy]

It is good news. It's an excellent time to put your house on the Market now there are flloods of FTBs waiting to commit financial suicide and bail you out of your debts.

(just don't mention the fact that they can't buy even though they want to!)

Quite. It's just a fact. It just "is".

[Pent Up]

Hold on...

Around 26% of people who hope to buy their first property during the coming year are first-time buyers

so what the hell are the other 74% of them!?

[jonboy2010]

http://www.google.com/hostednews/ukpress/article/ALeqM5jY2zKQhPPzW5OeSFNTRVo0XtcR8w?docId=N0206241289091395967A

House price falls are tempting first-time buyers back to the property market, research has indicated.

Around 26% of people who hope to buy their first property during the coming year are first-time buyers, up from a low of 22% in July, according to property website Rightmove.

The group said the small increase in the number of first-time buyers who thought they would be able to get on to the property ladder coincided with a rise in the number of people who think house prices will fall during the coming year.

Seems to be some sort of rightmove survey.

Just a shame these first time buyers won't be able to get a mortgage even if they do intend to buy.

First Time Buyers Return To Market in there droves ..........NOT

[gilf]

Hold on...

so what the hell are the other 74% of them!?

I was just about to say the same thing, I assume as jonboy2010 says it's people returning to the market, if so the point of whole article is in fact wrong.

[sparkle-space]

http://www.google.com/hostednews/ukpress/article/ALeqM5jY2zKQhPPzW5OeSFNTRVo0XtcR8w?docId=N0206241289091395967A

House price falls are tempting first-time buyers back to the property market, research has indicated.

Around 26% of people who

hope

to buy their first property during the coming year are first-time buyers, up from a low of 22% in July, according to property website Rightmove.

Emphasis mine - but 'hope' is the key word, and as others have pointed out, they won't necessarily get a mortgage. It's also a bit meaningless until they have actually bought a house. I'm sure 100% of people would hope for a pay rise this year or to win the lottery or become more attractive etc! Means nothing

[OnlyMe]

I can only see percentages

Me too, maybe 26 FTB's and 74 previous owners? Knowing the way these things are spun the percentages alone must be the most positive thing that can be spun from the numbers.

[bricor mortis]

Both my neices in their early 20's have just bought houses after obtaining mortgages, They are both admin assistants, one with the council.

i dont know the details of their arrangements, the houses are in Plymouth.

[Toto deVeer]

I had a conversation with a young Indian couple who had come to the UK to work in the NHS. She was a nurse and he a young doctor based in a local hospital. Their reply struck me as odd.

I was asking them, as a matter of curiosity, if they had settled in well and intended remaining in the UK.

"Yes settled in well, we even have our mortgage,", she said.

This struck me as a very odd way to think of if. The ordinary westerner would say house, wouldn't they? Were they more switched on than we? I have to think so. For most, they actually don't have a house. They are really arbitraging a mortgage. That's really what home ownership comes down to for most people.

They were planing to return to India to educate their children by the way.

[porca misèria]

Both my neices in their early 20's have just bought houses after obtaining mortgages, They are both admin assistants, one with the council.

i dont know the details of their arrangements, the houses are in Plymouth.

To be fair, Plimuff prices have come down quite seriously. Starter flats from £30k, and 3 bed semi with garden under £100k. Definitely better value than renting in the city.

[red]

Hmm.

And yet from LBC news this morning:

A first time buyer in London now needs to earn nearly 100 thousand pounds to buy an average priced home - valued at 363 thousand pounds.

Research from the National Housing Federation shows people would still need a salary of 50 thousand pounds, even if they opted for one of the cheapest 25 percent of properties.

That's nearly double the average income for someone working in the capital.

Yet there will still be some morons out there who claim the answer to this is a return to looser lending criteria, not lower prices.

[Darxide]

And in other news, 90% of young adolescent males surveyed said they hoped to buy a Ferrari someday soon.

Better tell the factory to ramp up production!

Edited November 8, 2010 by Darxide

[rantnrave]

I did this survey a couple of months back. The qustions were skewed toward me being keen to buy in the next 12 months, even though I'm not. At one point it had the cheek of saying 'You have told us that you are planning to buy in the next 12 months...'. Thought I'd missed something, hit back a few times to get to the beginning and got the same outcome. Later it started asking me questions about the X-Factor presenters.

In short, any result of this survey is utterly meaningless and it would not stand up to professional market research scrutiny / standards.

Edited November 8, 2010 by rantnrave

[Pent Up]

I did this survey a couple of months back. The qustions were skewed toward me being keen to buy in the next 12 months, even though I'm not. At one piont it had the cheek of saying 'You have told us that you are planning to buy in the next 12 months...'. Thought I'd missed something, hit back a few times to get to the beginning and got the same outcome. Later it started asking me questions about the X-Factor presenters.

In short, any result of this survey is utterly meaningless and it would not stand up to professional market research scrutiny / standards.

I'm not sure that is the same survey as the results were released weeks ago.

This also says that 33% of FTBs expect prices to be lower in 12 months. So obviously they would be waiting it out.

[bricor mortis]

To be fair, Plimuff prices have come down quite seriously. Starter flats from £30k, and 3 bed semi with garden under £100k. Definitely better value than renting in the city.

What im wondering is if people with lower skilled jobs as per the example I posted can get a mortgage and buy a house in Plymouth for around the 100k mark why Plymouth prices would fall much further. ( unless there were more sellers than buyers of course )

As regards what you are saying about flats for 30k in Plymouth, that would be guide prices only according to my rightmove search this morning. The flats market seems to start around 45k for e.g. 13th story council flats.

[hirop]

Typical claptrack pounced on by everything from BBC to Talk Radio (this was on the 5 news stories covered in the morning bulletin). Like flies round shite, as they say.

For what it is worth, as a FTB I fully expect to buy in the next 12 months also, I expect to do this as prices coninue to reduce on the property I monitor month by month - and my deposit continues to grow, the combination effect closing the gap between what I aspire to live in and what I can afford today. Should a full scale market tanking look like it is on the cards, I will delay my visit to the mortgage man.

[hpc-craig]

I had a conversation with a young Indian couple who had come to the UK to work in the NHS. She was a nurse and he a young doctor based in a local hospital. Their reply struck me as odd.

I was asking them, as a matter of curiosity, if they had settled in well and intended remaining in the UK.

"Yes settled in well, we even have our mortgage,", she said.

This struck me as a very odd way to think of if. The ordinary westerner would say house, wouldn't they? Were they more switched on than we? I have to think so. For most, they actually don't have a house. They are really arbitraging a mortgage. That's really what home ownership comes down to for most people.

They were planing to return to India to educate their children by the way.

It's not just an Indian thing. I have a very western friend who says the same thing. It really is an odd thing to hear -"I will have my mortgage by the time I'm 30", "I can't wait to get my mortgage" and only the other day "I don't know how I will get my mortgage now the banks aren't lending so much".

It's such an odd way to look at it - it's never "a mortgage" or "a house" or a "home", it's always "MY mortgage". I look at buying a house not taking on a massive debt, it's odd that he looks at having a mortgage with such pride. Most people can't wait to have it paid off. I wish I had enough money to buy a house outright for cash - just to see the reaction I'd get - 'but what about your mortgage'??

[Roost]

I did this survey a couple of months back. The qustions were skewed toward me being keen to buy in the next 12 months, even though I'm not. At one point it had the cheek of saying 'You have told us that you are planning to buy in the next 12 months...'. Thought I'd missed something, hit back a few times to get to the beginning and got the same outcome. Later it started asking me questions about the X-Factor presenters.

In short, any result of this survey is utterly meaningless and it would not stand up to professional market research scrutiny / standards.

I took this survey and given my answers I am in fact the very Would-be-first-time-buyer they are referring to...

To clarify... the premise for answering YES to 'Are you planning to buy within the next 12 months' was a previous question to which I answered 'I expect prices to be significantly lower 12 months from now'

e.g. my survey respose could be summarised as:

Hello I am a first time buyer, house prices are about to drop off a cliff, I will be waiting at the bottom to pick up the pieces, hahaha, regards Roost

[Papa Serf]

I did this survey a couple of months back. The qustions were skewed toward me being keen to buy in the next 12 months, even though I'm not. At one point it had the cheek of saying 'You have told us that you are planning to buy in the next 12 months...'. Thought I'd missed something, hit back a few times to get to the beginning and got the same outcome. Later it started asking me questions about the X-Factor presenters.

In short, any result of this survey is utterly meaningless and it would not stand up to professional market research scrutiny / standards.

Yeh I did that survey aswell and it assumed because I want to buy, that I will in the next 12 months.

I'm not sure that is the same survey as the results were released weeks ago.

This also says that 33% of FTBs expect prices to be lower in 12 months. So obviously they would be waiting it out.

How many bl00dy surveys do they do then, keep doing it until they get the result they want and big it up.

[W1zard]

I am astonished how much coverage this total non story seems to have received. How can first time buyers 'rejoin' the market anyway? Did they sell whatever they had before to become first time buyers for a second time?

[Papa Serf]

CCS Quarter 3 2010 edition

All responses were completed via an online questionnaire between Monday, 5th July and Monday, 19th of July 2010. A total of 22,010

That does sound like the one I did.

My link

Edited November 8, 2010 by Papa Serf

[Pent Up]

Yeh I did that survey aswell and it assumed because I want to buy, that I will in the next 12 months.

How many bl00dy surveys do they do then, keep doing it until they get the result they want and big it up.

Don't know but it seems strange that they would have a press release so long after the results of the survey were released. Maybe they emailed a follow up survey to some respondents?