29 Feb

FTBs 'can benefit from a market correction'

FTBs 'can benefit from a market correction'

First-time buyers (FTBs) will be able to benefit if the housing market falls into a period of correction, according to one expert.

While FTBs are often encouraged not to splash out on a property, the next decade could actually be the best time for them to do so, FirstRung chief executive Paul Holmes said.

He went on to state that new buyers "excel and thrive" in market dips as they are more likely to be able to afford to do so.

"The majority of FTBs want to buy somewhere to call home that they can afford and they take a long-term view," Mr Holmes commented.

"Most FTBs ... do not buy a property to make money."

Malcolm Harrison, spokesman for the Association of Residential Letting Agent, recently said that claims the buy-to-let market squeezes out FTBs was "a load of rubbish".

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