Half of first-time buyers planning purchase

About half of first-time buyers plan to purchase a house inside the next 12 months, despite most current and prospective houseowners not having faith in banks approving mortgage applications.

That is according to a new survey from property website MyHome.ie, which found that 43% of people believe that financial institutions are overly cautious when granting mortgage approval. Some 65% of respondents who currently own a home believe the banks are not lending, while 52% of first time buyers agree.

Despite this, half of the latter category said they plan to purchase a property in the next 12 months, with only 9% saying they definitely wouldn’t be looking to buy. The survey, importantly, suggests that a significant number of first time buyers have mortgage approval, while many have saved up cash for a deposit on a house.