Residential conveyancing news: First-time buyers return to housing market

Posted 11/11/2010

Residential conveyancing practitioners may witness an increase in the number of first-time buyers purchasing homes in the coming months, new research suggests.

A study conducted by Rightmove released this week found that more than a quarter (26 per cent) of those who intend to buy a property over the course of the next year will be doing so for the first time.

The organisation’s Consumer Confidence Survey revealed a four percentage point increase in the likely number of first-time buyers over the last quarter.

More individuals considering buying a house for the first time believe that prices will drop during the next year, the research also found.

“Lower property prices might well strike fear into the hearts of property owners, but it will be music to the ears of those eager to take their first step onto the property ladder,” said director of Rightmove Miles Shipside.

He added that the housing market recovery may be hastened if more people are willing to negotiate on price.

Earlier this month, data from Hometrack revealed that house prices had fallen during October.