'Lack of choice' for FTBs

Posted: 07 Feb 2012 12:35:58 GMT

            Property News - 'Lack of choice' for FTBs

FTBs are finding it hard to locate a suitable property, it has been suggested.

There is currently a lack of choice for first-time buyers (FTBs) eager to locate a property through which to enter the housing market.

This is one of the findings of Rightmove's latest FTB Report, which suggested individuals are likely to find it increasingly difficult to secure a suitable dwelling in 2012.

Despite forecasting a slight increase in prospective FTB levels for the coming 12 months, the study also found the amount of new abodes advertised for sale in the last quarter of 2011 was considerably less than that recorded in the previous three-month period.

It was demonstrated that terraces and flats - which may be favoured by FTBs with lower budgets - were particularly small in number.

Miles Shipside, director at Rightmove - launched in 2000 - said: "Our research also provides evidence of an emerging new home-ownership challenge in the form of a lack of available properties that would typically be brought to market by first-time sellers."

He added the traditional FTB obstacles, such as affordability and mortgage availability, also remain.

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