24 Nov

Future "bright" for first-time buyers

Future "bright" for first-time buyers

The future for first-time buyers is "very bright", the boss of a firm dedicated to helping such purchasers get on the housing ladder has said.

Paul Holmes, the chief executive of Firstrung, suggested the situation is improving, although he noted that buyers must be secure in their jobs over the coming downturn and need to save "furiously" for deposits, which must now be larger due to the credit crunch and are typically around 15-20 per cent.

However, he added, although this means buyers will need to take longer to compile deposits, this will help them in the longer run.

"The good news is while they are saving up for that deposit, house prices will continue to fall and come more in line with affordability and their expectations," Mr Holmes commented.

Land Registry figures show the average house price in England and Wales has dipped to £168,814, down eight per cent in 12 months.

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