First-time buyers (FTBs) in the UK appear increasingly optimistic about their chances of securing a mortgage and entering the property market.
New research from the Post Office has revealed one-in-eight people are hopeful they will be able to purchase a home within the next five years, with almost one-quarter of those aiming to do so in 2013.
According to the survey, one-in-seven of these individuals have targeted the remainder of 2012 as their time to get a foot on the first rung of the housing ladder.
Mike Cook, head of mortgages at the Post Office, said: “FTBs are the life blood of the property market and our research shows that challenging stories about FTBs and wider economic issues have not dampened aspirations.”
Mr Cook pointed out that although there has been something of a resurgence with regard to ten per cent deposit mortgages of late, the typical FTB appears to have an eye on the cheaper rates available at 15 or 20 per cent.
He described this finding as “interesting”, especially as targeting these deals is likely to take a little longer to save towards.
