MORE than a third of first-time buyers are worried they will be priced out of the property market as a result of new pensions legislation due next year.
From April 2006 people with Self-Invested Personal Pensions (SIPPs) will be able to invest in residential property and holiday homes for the first time.
The move has led to predictions from some commentators that there could be a rush of people looking to take advantage of the new rules, pushing house prices up.
And 35% of people looking to buy their first home said they were worried that the new rules would make it harder to get on to the property ladder.
Gary Lumby, Yorkshire Bank's head of retail, said: "With the Royal Institution of Chartered Surveyors reporting property prices are set to pick up, making it even harder for first-time buyers to afford a home, it is no surprise they aren't welcoming the new SIPP legislation.
"First-time buyers are worried their chances of losing out on properties could be increased as it is likely SIPP investors will be targeting similar properties."