Wednesday 5th March 2008
Two thirds of first time buyers are delaying their purchase due to current conditions in the housing market, Abbey said yesterday.
According to the mortgage provider, three quarters of people also said that their enthusiasm for buying has been "dampened" in recent months.
Turbulence on the global financial markets has translated into a credit crunch in recent months - making banks far less willing to advance credit to each other.
This has had a knock-on effect on the high street, with many attractive mortgage deals, such as 100 per cent 'deposit free' loans, no longer offered by lenders.
Nici Audhlam-Gardiner, director of mortgages at Abbey, commented: "We know how difficult it is for first time buyers to get on the property ladder and this is exacerbated by current market uncertainty.
"As has always been the case, we recommend that homebuyers give serious thought to affordability when purchasing a home and not overstretch themselves."
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Mortgages
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