First-time buyers remain “cautious”
First-time buyers are adopting a careful approach towards the property market, new findings have suggested.
The National Association of Estate Agents (NAEA) has reported that the property market is stabilising in some regions, although house buyers remain wary.
President of the NAEA Chris Brown stated that consumer confidence in the market has been "dented".
"Properties supply is good but buyers are being cautious. It is apparent from the survey results that some people are adopting a wait and see attitude, watching the market, before making any decisions," he said.
Tighter mortgage lending is also affecting the attitude of first-time buyers, Mr Brown added.
Furthermore, some sales are falling through as buyers are finding it increasingly difficult to agree a mortgage deal with a lender.
According to figures from the Land Registry released last month, house sales dropped to 90,880 between September 2007 and December 2007, compared to the 117,301 property purchases made in the same period a year earlier.
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