29 Dec

First-time buyers 'have better prospects in 2009'

First-time buyers 'have better prospects in 2009'

Those first-time buyers who stay in employment and have built up the savings needed for a deposit could be in for a very good 2009, it has been stated.

Chief executive of first-time buyer specialists Firstrung Paul Holmes commented that a combination of lower house prices and falling mortgage rates will help lower the cost burden on such buyers, something that may enable many more of them to buy the homes they want.

He said: "Once they are ready to enter the property market they will get so much more 'bang for their buck', in terms of what they'll be able to buy."

In addition to this, buyers will be in a position to enjoy mortgage rates of around four per cent, rather than the six per cent that has been common recently, he added, something that could make a significant difference to repayments.

According to the most recent Land Registry figures, the average house price in England and Wales in October was £165,529, a drop of 10.1 per cent in a year.

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