30 Jan

Price correction 'good for first-time buyers'

Price correction 'good for first-time buyers'

First-time buyers will benefit from the price correction in the property market, the head of a firm providing services to those trying to get on the property ladder has commented.

Chief executive of Firstrung Paul Holmes said the current situation in which prices are being forced down will help such purchasers to find a home and mortgage at "reasonable" prices.

He stated that such a situation will amount to a "bright" future, as it would represent a return to a traditional model of house buying where people can buy a home affordably, pay off the mortgage over 25 years and own it outright.

Mr Holmes concluded: "The healthy correction in mortgage lending and in the housing market is long overdue and it will be a good panacea for a lot of us."

Last month Nationwide revealed that house prices had fallen by 15.9 per cent in the UK over the course of 2008, lowering the average house price to £153,048.

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