Introduction

First time buyers are the lifeblood of the housing industry. Without new purchasers entering the marketplace a key link in the housebuying chain is broken. In recent years, house prices have increased exponentially compared to salaries making it ever more difficult to get a first step on the housing ladder. However, housing market conditions changed rapidly during 2008 and prices have continued to fall in many areas during 2009.  Many first time buyers have realised that they can use the current market to their own advantage, providing that they have the correct finances available.

Chris Brown, president of the National Association of Estate Agents NAEA, comments: "For first time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available."

First Time Buyers Have Been Sacrificed

David Pretty CBE, New Homes Marketing Board (NHMB) Chairman and former Chief Executive of Barratt Developments, who has long championed the cause of first time buyers. He said: "Sadly, a generation of first time buyers has already been sacrificed and it will happen to another generation unless we take decisive action."

Mr Pretty has presented the Government with an 18-point programme of proposed reforms to increase housing supply.

However help and assistance is available to first time buyers in a number of ways. For further information visit help for first time buyers.

"We must not allow first-time buyers to be forgotten, not just because of the social consequences in the future, but also because they are absolutely crucial for the general health of the housing market and our future economic prosperity. The biggest single cause of the housing shortage is the incredibly slow and bureaucratic planning system, which now takes at least four times longer to process straightforward planning applications than 25 years ago."

David Pretty CBE, Chairman of New Homes Marketing Board (NHMB)