First-time buyers are back

Demand among first-time buyers seeking to buy a new home across the UK has increased significantly in recent months, according to Winkworth estate agents.

A straw poll of Winkworth agents revealed that the average percentage of first-time buyer enquiries fell by 55.8% to 19% in 2008. The percentage of enquiries from first-time buyers has now returned to 32%.

Despite limited finance availability, Winkworth’s poll shows that first-time buyers are retuning to the market, keen to take advantage of current property prices before they rise to peak levels again.

The Bank of Mum and Dad

First-time buyers without the means to save the necessary deposit are turning to the ‘Bank of Mum and Dad’ – parents who prefer to invest in bricks and mortar for their children while interest rates remain low.

Simon Waller, Sales Manager of Winkworth Shepherds Bush says: “The majority of first-time buyers moving to the area have originated from family homes in the more expensive neighbouring areas of Ladbroke Grove, Kensington and Notting Hill. Mostly, these potential buyers are supported by cash from family investments and not their own savings.”
 

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