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What hope for first time buyers?

June 2011

BOURNECOAST Property Agents report that, according to their source, over 65% of young people who do not currently own their own home believe they have no prospect of getting on the property ladder.

Increased deposit levels and tightened lending criteria have done nothing to attract buyers to the market over the past few years.

The poll of 4,000 non-homeowners for the Halifax found that many believe the banks are not inclined to lend for various reasons, although the Halifax described this as "undue pessimism".

They went on to say that there were two key issues deterring potential first-time buyers from entering the housing market, being the size of the deposit that is now required and fear of denial.

Sadly, approximately two thirds of prospective first-time buyers believe that most first-time borrowers are rejected.

Rightmove said the knock-on effect of the mortgage drought had seen a marked rise in people searching for places to rent. They need a roof over their heads, albeit rented.

Last month Bournecoast highlighted the growing rental demand which continues to outstrip supply, with most would be first time buyers remaining in rented accommodation for nearly a decade.

Although this is not good news for the younger generation, it is good news for investors said Simon Tebbutt, Business Development Manager. "The strong long-term underlying fundamentals of tenant demand and healthy yields are luring more professional landlords to the sector.

"With the widely publicised shortage in housing supply, there is a growing need to indentify investment professionals to purchase Buy-to-Let properties to help alleviate some of the pressure on the private rental sector. There simply hasn't been a better time to enter the Buy-to-Let sector from a landlord perspective.

He added, "Here at Bournecoast, we can offer innovative lending solutions through our preferred IFA channel"

Bournecoast are currently actively searching for first time buyers and experienced and new investors.

For further details and a full list of their services, contact Bournecoast on 01202 437888 or visit their website at www.bournecoast.co.uk.

Simon Tebbutt

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Bournecoast Ltd
26 Southbourne Grove
Bournemouth
Dorset
BH6 3RA
Tel: (01202) 437 888
Fax: (01202) 437 889