Insurance News Archive

First-time buyers 'still entering property market'

Written by Jenny Smith

The amount of first-time buyers applying to enter the market has remained consistent over the last three years, suggesting a corresponding rise in the number applying for property insurance.

James Chatt-Collins, assistant director of sales at Metropolitan Home Ownership, claims that there was a minor dip when the recession began but the number of people looking to buy their first home has remained stable.

He states: "At some point between them applying and then getting to the serious stage of progressing to actually become a buyer, they are somehow managing to find the savings."

It is most likely that prospective property insurance buyers are getting funding from their parents, he claims.

Mr Chatt-Collins says it is crucial that first-time buyers obtain sufficient resources to finance their purchase, those looking at property insurance may want to keep in mind.

The Royal Institution of Chartered Surveyors recently found a positive net balance of new buyer enquiries for the 11th month in a row.

28 Oct 2009