Four out of five FTBs confident
While one in ten Brits (10%) are looking to buy a property within the next twelve months, Londoners are leading the way, with almost a third (29%) planning on purchasing their first home within the next year.
The data shows confidence seems to be soaring amongst male first time buyers – a whopping 89% state they are confident they’ll be able to make their first property purchase within a year. This is compared to just 58% of women.
One reason for high FTB confidence levels may be the way the current generation of FTBs are approaching the way they’ll finance their first home and how open they are to seeking advice.
Four out of five (82%) of FTBs say they are already planning or would consider seeking professional financial advice to help them secure the best mortgage deal. This compares to 42% of all UK adults.
Karen Barrett, unbiased.co.uk chief executive, said: “It’s great to see such high numbers of people looking to get on the property ladder, while also planning to seek professional advice when they take the first step.
“The mortgage market has changed quite significantly from just four or five years ago. Over this period we have seen stricter lending criteria come in with the introduction of tighter affordability rules, this makes it harder for borrowers to identify the most attractive deal they could secure.
“This is exactly where the value of a professional, whole of market adviser comes in – they are experts in the mortgage market, know each lender and their criteria and can quickly find the right mortgage option for you, leaving you to focus on setting a moving date.”