13 Nov

Property a 'good' investment

Property a 'good' investment

Investing in property is a prudent thing to do and the current market conditions make this a good time to get on the housing ladder, one expert claims.

Helen Adams, managing director of FirstRungNow, said: "It probably is a good time to buy as we view buying property as a long-term thing. You are investing in your long-term future, rather than your landlord's pension."

However, she pointed out that for buyers without a deposit, it is still difficult to raise finance for a purchase.

Ms Adams stressed that it is particularly difficult for first-time buyers to enter the market given the current climate, where lenders are still wary of providing home loans without a substantial deposit.

Research released in November this year by the Council of Mortgage Lenders revealed that many first-time buyers are taking advantage of the higher stamp duty threshold.

Its figures showed that 32 per cent of first-time buyer loans were taken out on properties between the old £125,000 threshold and the new £175,000 limit in September 2009.

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