Falling asking prices boost for first time buyers

15-Aug-2005

First time buyers are being encouraged back to the market as desperate sellers lower their prices to get a sale.

Click here for our first time buyers guide to buying a property

Following years of soaring house price inflation, new figures have revealed that there are now record levels of unsold homes on the market, resulting in a 0.2 per cent drop during the last quarter in the average asking price across England and Wales.

The news will be welcomed by aspiring homeowners as an opportunity to get onto the first rung of the housing ladder, especially as many housing professionals believe the best way to reignite the market is through an influx of first time buyers.

That is why many aspiring first time buyers will have discovered far more options than in previous years when finding a mortgage, as lenders are now far more willing to develop products aimed at helping aspiring homeowners onto the first rung of the property ladder.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley

As Rightmove's Miles Shipside explains: "Activity will pick up but higher prices will not be achieved until more first time buyers can afford to get on the property ladder. However, that's still some time away and requires a continuing downward movement in interest rates."

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

Click here to see what properties are on the market in your area – whether you buy alone or with others

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