Buyers can cash in on slowing market

09-Jan-2008

People struggling to get a foot on the property ladder might have an opportunity to cash in this year.

Research by the personal finance website, Fool.co.uk, suggests the average house price could fall by as much as 20 per cent in 2008.

Such a significant correction would obviously be bad news for existing homeowners, but might provide an ideal opportunity for first-time-buyers finally to afford their own home.

"The long-overdue correction in the property market will allow many people who have been waiting to move house to finally realise their dream," noted David Kuo, Fool.co.uk's head of personal finance.

"Quite often people will ask how much they can borrow when they want to buy a property.

"But that is altogether the wrong question. Instead, they should ask themselves how much they can afford to repay," he added.

Fool.co.uk also revealed that around 11 per cent of people planning to buy now intend to do so sooner rather than later in a bid to pick up a bargain.


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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