U.K. First-Time Homebuyers Become Less Pessimistic on House-Price Outlook - Bloomberg

U.K. First-Time Homebuyers Become Less Pessimistic on House-Price Outlook - Bloomberg

British first-time homebuyers have become less pessimistic about property values as a growing number call the “bottom of the market,” Rightmove Plc (RMV) said.

Thirty-three percent of people who intend to purchase their first property in the coming 12 months said prices will be higher in a year, the operator of Britain’s biggest property website said in an e-mailed report in London today, citing an April survey. That compares with 22 percent in January.

It “appears to indicate more first-time buyers are calling the bottom of the market,” said Miles Shipside, commercial director of Rightmove. “A significantly higher proportion of them now believe prices are set to increase over the next 12 months and so are perhaps looking to enter the property market in greater numbers before their affordability deteriorates.”

U.K. house prices have declined in the past year as the biggest budget squeeze since World War II and accelerating inflation undermines consumer confidence and hurts housing demand. At the same time, tougher lending rules are forcing buyers to raise bigger deposits to buy homes.

Rightmove said that among those planning to purchase a home in ....