First-time buyers are playing the waiting game, according to research by Abbey.

The bank says one in three potential first-time buyers want to buy this year but only 5% are confident they’ll be able to do so. This is compared with 18% three months ago

According to the survey, 37% of first-time buyers say there are not enough properties on the market in their price range, but 29% are simply waiting for prices to come down. This latter figure has dropped from 42% in the last quarter, probably as a result of recent reports of moderate increases in house prices.

Barry Naisbitt, Abbey’s chief economist, said: “In the lead-up to the most popular season for house buying, it’s worrying that there has been such a drop in confidence. Our report shows just how tough it is to get on to the property ladder, but we hope that the recent increase in the Stamp Duty threshold will have a positive effect on first-time buyers’ confidence and affordability over the next quarter.”