Sellers look to first-timers - 14/02/2005 ...

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Despite research which has found that first-time buyers often drop their price offer at the last minute, sellers are still keen to offload their properties to them.

A recent study by Yorkshire Bank found that many first-timers were willing to "gazunder" the seller, but most sellers still consider them the best option for a quick sale.

One in ten (11 per cent) of sellers are now opting for buyers in smaller property chains, with first-time buyers seen as the ideal purchasers for those wanting to achieve a quick sale.

The latest quarterly Housebuyers Survey also found that the prospect of a drop in interest rates and steadying house prices were likely to tempt large numbers of first-time buyers back to the property market in 2005.

Of the 2,000 people questioned, 41 per cent said they thought now would be the best time in years to buy a first home.

And 30 per cent said they now felt confident enough to take time finding their dream property.

"It's good news that the numbers of first-time buyers are beginning to rate more highly their chances of getting on the property ladder," said Yorkshire Bank's Gary Lumby.

"This growing return of confidence is partly down to prices slowing down, and in some cases falling, and the expectation that any further rise in interest rates will only be slight," he added.

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