First-Time Buyer’s Market – Recent headlines about falling prices have been widely regarded as little cause for celebration, that is, for everyone except the majority of first-time buyers. Unfortunately, the issue facing most first-time buyers is not what they will pay, but how they will pay for their dream home.
First-Time Buyer’s Market – After several years of price rises, the UK housing market now is going into reverse. Affordability issues, the credit crunch impact on fewer mortgage products and nervousness amongst first-time buyers is contributing to the continual slow down of the industry.
Keith Miller, chief executive of the Miller Group said, “There are a few areas where prices are going up. And in any case, it is not as if prices are falling disastrously anywhere. The problem is that we aren’t seeing the volume of sales we would like. People just don’t want to commit.”
The average price of a property in the UK was £217,737 and the average price paid by a first time buyer across the UK in February 2008 was £160,338, according to recent data released from the Department for Communities and Local Government (CLG).
Despite the Bank of England base rate cut, many of the mortgages left on the market are still too expensive for some buyers. In a survey, 18 per cent of people said they would struggle to afford the monthly repayments, published by Equifax.
David Kuo, head of professional finance at Fool.co.uk said, “It is important to provide as much assistance to first-time buyers because they are the life blood of a healthy property market. We are calling on the Government to abolish stamp duty for first-time buyers whom purchase properties up to £190,000.”
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