'Good times' for first property buyers

09-Feb-2009

Falls in UK house prices have meant now is a good time for first-time buyers (FTBs) to acquire a property, an expert has said.

It comes after a survey by Rightmove - published last month - showed that the average asking price for a property had fallen by 7.3 per cent over the previous 12 months.

Simon Zutshi, founder of the Property Investors Network, commented that FTBs are able to capitalise on this - because suitable mortgage products for people buying a first property are available.

He admitted that lenders are being more selective about who they offer mortgages too to in the current climate, but also claimed the market "isn't as bad as it's generally perceived to be".

"Brokers that I deal with seem to think that FTBs can get 95 per cent mortgages right now, so they only need a five per cent deposit," Mr Zutshi said.

Parents' income will also be taken into account by lenders if the buyer's income is deemed not high enough, he added.

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