Online House Hunter: First-time buyers face a scramble

In search of that dream first home

THE First-time Buyer Report issued by Rightmove this week reveals some interesting insights into the current housing market.

Although the potential number of FTBs (first-time buyers) is increasing there are a couple of big hurdles to be crossed before we see this valuable and much-needed boost.

First, the survey says FTBs are having trouble finding a suitable property to buy.

Secondly, the first-time sellers (who would normally supply the houses for the next generation of home owners) are deciding to stay put.

Rightmove director, Miles Shipside, explains the conundrums: “For first-time buyers who are itching to get on the ladder a lack fresh of choice in apartments and terrace properties must be extremely frustrating. Owners of these property types, typically first-time sellers, are being deterred from bringing their property to market for a number of reasons. A continued policy of forbearance by lenders and low interest rates means that the market is short of forced sellers. In addition, those wishing to trade up are suffering from a lack of equity, lack of confidence to stretch themselves financially and, in certain micro-markets, difficulty in identifying a suitable property that they would like to move to.”

Finding a property – even for second or third-time buyers – can be hard work and in this age of instant communication you need to be sure you’re covering all bases.

The National Association of Estate Agents has a section on its website specifically devoted to buying property and includes some options you may not have considered including buying a property at auction, buying with family or friends and new-build. Each of these come with their own plus or minus points so research the options carefully.

If properties are in short-supply for FTBs then speed is of the essence. Waiting for the local paper to come out just won’t cut it any more and you’ll need to monitor the online property sites. The Independent property site has – as do most sites – an option of being emailed details of suitable properties the moment they come on to the market.

Consider widening the geographical area of your search – you may have to live with a few more miles of commute if you’re really sincere about getting on to the property ladder.

And at the risk of sounding like every estate agent notice you’ve ever read, viewing is essential. Even properties that look unsuitable at first glance might prove to be that first home you and your partner are looking for.

And although texting, property apps and other digital tricks should put you at the front of the queue, there’s no substitute for pestering that estate agent. It sounds astonishing that you’d ever have to but sadly not all agents will share your sense of urgency.

USEFUL LINKS:

• Independent Property Search Engine
• Independent Property Section
• National Association of Estate Agents
• DirectGov: Buying A Home
• HomeBuy initiative for First-time buyers

Recent Posts on Property

• Grey places need green spaces
• Should you invest in a seaside property?
• Government urged to take action on housing crisis
• Reinventing the Garden City in the 21st century
• Are new homes too small?