'Good time' to purchase property for first-time buyers

20-Aug-2009

Now is a good time for first-time buyers to step on to the property ladder, one expert has advised.

Katy John, spokesperson for PricedOut.org.uk, a campaigning group for affordable property, explained house prices are still slightly higher than the average income can afford.

However, she pointed out the cost of property is expected to fall further, meaning this could be an optimum time to start browsing the market.

"We will see further falls in house prices and, as such, would urge first-time buyers considering buying now to make sure they bargain for a good price," she remarked.

When it comes to mortgage advice, Ms John added people buying their first property should be sure not to borrow above their means and stick to prices they can afford.

Figures from the Department of Communities and Local Government published in August indicate house prices are 10.7 per cent lower compared to June last year.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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