FTB confidence returning
house prices and a mortgage market revival have given potential first time buyers renewed confidence, according to Equifax.
70% of first time buyers felt more confident about stepping onto the property ladder as a result of the drop in property prices, while the introduction of a number of new products for first time buyers was also believed to have had an effect, after 75% of respondents said they had put plans on hold in the last year because of the lack of mortgages available.
However, raising a reasonable deposit still represents a challenge for many, with only 12% having a deposit of 20% or more. "There is a new level of confidence that probably hasn't existed for the last 12 months or so," said Neil Munroe, Equifax external affairs director.
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