First time buyers more confident for the future

A survey of first time buyers has found that 70% are still saving for their first home, with over 88% believing the housing market will pick up again within the year, despite the current state of the market.

The survey, conducted by private search company, OneSearch Direct, asked people in full time employment under the age of 35 their thoughts on the current market and when they believed it would improve enough for them to buy.

Ronnie Park, managing director of OneSearch Direct, said; “Over the past 6 months, confidence has all but disappeared from the property market and this shows a glimmer of hope for the industry. First time buyers have long been a key pillar in the success of the housing industry and seeing some positive feedback from this demographic can only be seen as a good sign.

“However, whilst this group continue to save for their first homes, more needs to be done to help speed up the transaction process. Incentivising these potential buyers and pulling them away from the rental market is key to rebuilding confidence.“