RICS: First-time buyers return to market

First-time buyers are beginning to return to the market or are at least contemplating making purchases, according to reports from the Royal Institution of Chartered Surveyors (RICS).

The RICS Housing Market Survey, which questions surveyors on enquiry trends, found that 13 per cent of enquiries were coming from first-time buyers, with a net balance of 28 per cent reporting that this represented an increase over the past three months.

However, these enquiries do not necessarily mean increased house sales, warned Simon Rubinsohn, RICS chief economist, as it is becoming increasingly difficult for first-time buyers to secure loans.

"House price falls and lower interest rates have gone some way to tempting first time buyers back into the market," he said.

"However, buyers still need to have greater deposits to access the market with lenders remaining generally cautious. This is making it hard to translate this interest into hard transactions."

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