24
Nov
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.
