Affordable homes 'will open up to FTBs'

08-Dec-2008

Falling house prices caused by the economic downturn will drive first-time buyers (FTBs) back on to the property ladder, an expert has suggested.

Michael O'Flynn, content editor for FindaProperty.com, said that improved affordability and the introduction of government initiatives, such as raising the stamp duty threshold to £175,000, are improving the outlook for FTBs.

Research by the online property portal has shown that 153 regional areas in the UK currently offer an average asking price which is below the stamp duty threshold.

Six out of the top ten most affordable locations were within the Merseyside region, with Kirkdale offering an average asking price of less than £100,000, the study revealed.

Mr O'Flynn commented that new opportunities for FTBs are opening up as property prices continue to fall across the UK as a result of the current economic crisis.

"The key driver that will bring first-time buyers back to the property market is improved affordability, both in terms of asking prices and considerations such as gaining competitive mortgage finance," he said.

Last week the Trade Unions Congress released its new A Place to Live guide, which offers advice for people looking to buy their first home, such as information on FTB mortgage finance.

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.

Govt loans to help first-time buyers'Bank action' needed for FTBsRics welcomes savings scheme for FTBs

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