29
Dec
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.
