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March 25, 2008

First-time buyers advised to sit tight

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by Kay Mitchell

First-time buyers advised to sit tight

With affordability issues and continued uncertainty in the UK housing market, first-time buyers are struggling to get onto the property ladder.

Furthermore, many lenders have scrapped their 100% plus mortgage range, meaning first-time buyers have to find money for deposits, stamp duty, legal fees and furniture.

Consequently, parents are being called upon for financial assistance. However, increases in household costs and concerns about the economy mean this isn’t the best time for handing out a considerable amount of savings to offspring who are keen to get onto the property ladder.

According to the Halifax, the current generation of 30-year-olds have seen property prices soar from an average of £67,000 at the beginning of 1997 to £197,000 currently.

First-time buyers today are expecting house prices to continue increasing but both the Halifax and Nationwide indexes show that house prices have begun to fall month-on-month. Consequently, now may be a good time for first-time buyers to sit back and let the current money market problems ease before considering a house purchase, say experts at This is Money.

However, those considering buying are advised to ensure that they can meet monthly mortgage repayments.


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