19 Apr

Worth entering property market, expert says

Worth entering property market, expert says

First-time buyers (FTBs) have been advised that it is worth saving a deposit to get on to the property ladder.

According to Andrew Hagger from Moneynet.co.uk, the market is now more favourable in many ways than it was in the autumn of 2007.

He acknowledged that the loan-to-value requirements in place among lenders are high at present.

This has been the case since the credit crunch ensued and money became harder to access.

However, Mr Hagger suggested that the correction in the value of homes that has occurred over recent months combined with the abolition of stamp duty for FTBs purchasing homes worth under £250,000 are both positive developments.

He remarked: "Raising a ten per cent deposit may still be too much to ask for some would be home owners, but if you can make the effort to save the sum required, your efforts will be rewarded."

The expert noted that mortgage payments are presently lower than they have been for some time.

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