The small number for first-time buyers looking to go ahead with a property purchase has seen a dramatic plunge over the last two months as buyers cool their heels off the back of increased speculation.
At the beginning of the year, 14 per cent of non-homeowners were weighing up the options when it came to buying their first property, however when asked again at the end of February, 64 per cent had put their plans on hold for the foreseeable future.
This is largely the result of economic uncertainty, with most believing house prices will continue to fall and 67 per cent admitting that their finances were already too stretched as it is.
Across the UK, it seems that the younger the buyer is, the more likely they will have put their property plans on the back burner, with potential home buyers in Wales and the South West most affected by speculation over the future of the housing market.
Nici Audhlam-Gardiner, director of mortgages at Abbey, said: “We know how difficult it is for first time buyers to get on the property ladder, and this is exacerbated by current market uncertainty.
"As has always been the case, we recommend that homebuyers give serious thought to affordability when purchasing a home and not overstretch themselves."
