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New buyers not attracted to the market

Friday 11th April 2008

First-time buyers are staying away from the housing market and it may stay that way for some time.

That is according to property conveyancer Convex, which said that new buyers are concerned about entering the market at present.

Despite the Bank of England cutting the base rate of interest this month, Duncan Samuel from the firm is concerned that first-time buyers will not be tempted back.

"First-time buyers are thin on the ground, and at the bottom of almost every chain you need a first-time buyer," he said.

"Despite this [interest rate] cut, first time-buyers will still not be coming to the market in the current climate."

Mr Samuel wants the government to take action in order to attract first-time buyers back to the housing market but said that it will take more than simply reducing interest rates.

"The government should be looking at other ways of helping the first-time buyer - particularly through initiatives such as stamp duty reductions," he concluded.

Anthony Zahra

© Copyright 2007

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