New buyers turning into renters |
23 2008 |
| Potential first-time buyers are choosing not to enter the property market, according to new figures. The National Association of Estate Agents (NAEA) has revealed that first-time buyers reduced their market share in March. It is a sign that many people are choosing to rent rather than buy as the housing and mortgage markets are no longer attractive. New buyers accounted for just 8.3 per cent of the market in March, down from 11.7 per cent in February and the lowest figure since April 2006. "The global credit crunch, squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having effect on individual's decisions to buy or sell," commented Stewart Lilly, president of the NAEA. "There are indications that first time buyers have dropped their market share once again showing a 'wait and see' attitude has been adopted," he continued. With buyers choosing to 'wait and see' before buying, many more will be turning to the more attractive option of renting.  |
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