First time buyers in the UK are willing to pay more than the asking price in order to get a foothold on the property ladder, according to a survey from the Yorkshire Bank.
The survey found that one in five first time buyers was willing to overpay, an increase from last year when one in ten buyers said they would offer more than the asking price for their first home. Sellers also seem to be more confident that the housing market would grow this year with 16% saying they would not accept a figure below the asking price.
Gary Lumby, head of retail at the bank said: Buyers are starting 2006 in a more positive mood than last year, when there seemed to be a lot more uncertainty regarding where the housing market was going.
Nationwide’s recent housing survey supports the findings. The housing market grew 1.4% in the first month of the year, the strongest monthly growth since July 2004, according to the building society.