Around 26% of people who hope to buy their first property during the coming year are first-time buyers, up from a low of 22% in July, according to property website Rightmove which questioned 25,584 potential buyers in October.
The group said the small increase in the number of first-time buyers who thought they would be able to get on to the property ladder coincided with a rise in the number of people who think house prices will fall during the coming year.
A third of first-time buyers now expect the cost of property to be lower in 12 months’ time than it is now, up from only a fifth who felt this way during the previous quarter.
Miles Shipside, director of Rightmove, said: “Lower property prices might well strike fear into the hearts of property-owners, but it will be music to the ears of those eager to take their first step onto the property ladder.
“The success of agents in convincing sellers’ to be more flexible on price lowers one of the key hurdles faced by first-time buyers and sets a precedent for all sellers in a chain to accept their share of the reductions.”
He added: “The required mobility of the market cannot be satisfied by short chains and cash buyers, and recovery will be quicker if more sellers are willing to negotiate on price and in doing so make it easier for those purchasing for the first time.”
The research also showed that 28% of people are trying to buy their first home on their own, with 69% buying as a couple and 2.5% buying with their parents. Just under 1% of people plan to buy a property with a friend.
Meanwhile, separate research from the National Housing Federation found that a first-time buyer in London now needs to earn nearly £100,000 in order to buy an average priced home.
Even if people opted for one of the cheapest 25% of properties, they would still need a salary of more than £50,000, nearly double the average income for someone working in the capital.
More than half of first-time buyers are aged between 25 and 34, with less than a fifth aged under 25.
