'More confidence' in housing market over next few months

04-Aug-2009

First-time buyers who are in the process of seeking mortgage advice should take note of the view there will be more confidence and optimism in the market over the coming months.

This is the opinion of Peter O'Donovan from Bestinvest – and it might mean people looking to get their foot on the first rung of the property ladder find it easier to get a joint ownership mortgage.

He explained house prices are already likely to have reached their lowest point and have "started to bottom out".

Although Mr O'Donavan said it would not happen overnight, he suggested it will not be long before the market picks up again.

"Over the next few months continued increase will bring a lot more confidence and a more optimistic view of when things will really start to change," he concluded.

First-time buyers trying to work out how much deposit they need to save up for a property might be interested to know the average house price in 2014 is expected to be £227,800, according to the National Housing Federation.

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