First-time buyers have quickly returned to the property market and they may find that any hopes of the pandemic pushing prices down are dashed, Rightmove claims. After conducting a survey during lockdown, the housing portal found 60% of first-time buyers had postponed their purchase plans but would go ahead after restrictions are eased, while 34% went ahead regardless of restrictions on buying and selling. Rightmove claims that the number of full property details viewed on its website has recovered from a 35% annual drop at the lowest point during the market closure on April 6th, to now being up 2% on this time last year.
There is £60bn worth of the type of housing stock usually sought by first-time buyers currently on the market, while asking prices are 2% higher (at an average of £241,891), suggesting that predictions of large drops are yet to materialise. This means the average first-time buyer applying for a mortgage would require £24,189 for a 10% deposit or £36,284 for 15%.
For full article read here: https://propertyindustryeye.com/first-time-buyers-expecting-price-drops-may-be-disappointed-rightmove/
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