First-time buyers decide to stay renting |
05 2008 |
| Falling house prices and the possibility of a recession mean that the majority of potential first-time buyers are deciding to continue renting, a new study has suggested. According to a survey by Abbey Mortgages, two-thirds of first-time buyers are now delaying buying a home. Speculation about house prices and a recession have dented the confidence of once-hopeful homebuyers. Many expressed concern about debt and job security. First-time buyers in the south-west of England and in Wales are the most worried, the survey revealed. Nici Audhlam-Gardiner, director of mortgages at Abbey, said: "We know how difficult it is for first-time buyers to get on the property ladder. "As has always been the case, we recommend that homebuyers give serious thought to affordability when purchasing a home and not overstretch themselves." The findings come as the Financial Services Authority release figures that indicate a fifth of UK homeowners are concerned about cost of their mortgage repayments this year.  |
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