First-time buyers 'not put off by financial climate'

The majority of first-time buyers in the UK have not been put off buying a property by the current economic climate, according to new research.

SmartNewHomes.com''s study found that just 13 per cent of those looking to buy their first home had been discouraged from entering the market due to the effects of the credit crunch.

It also found that 46 per cent of people planning to buy a property were single, while 33 per cent wanted to buy with a partner.

Many respondents also stated that they expect to purchase their first home in their early 30s.

David Bexon, managing director of SmartNewHomes.com, said: "While some first time buyers'' perceptions of affordability may be unrealistic, competitive prices are still achievable and the recent cooling of prices has increased accessibility."

He added that some developer-led schemes are available which may help people "secure a more competitive mortgage".

Recent research by the Council of Mortgage Lenders has stated that first-time buyers typically took out mortgage loans that were 3.3 times their income in April.

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