First-time buyers advised to be patient

05-May-2009

First-time buyers may find that waiting a few months before attempting to buy a home is their best strategy, according to a housing market expert.

A new report by Halifax concluded that the affordability situation for first-time buyers is now better than at any point for the past six years.

The fall in house prices - which the Land Registry puts at 16.2 per cent in the past 12 months - and lower mortgage interest rates have combined to make residential property affordable for more people.

Halifax's housing economist Martin Ellis recommended a patient approach, despite the change in market conditions over the past two years.

"House prices are expected to decline again in 2009. Prospective first-time buyers should factor the likelihood of further house price falls into their calculations when deciding whether or not to buy," said Mr Ellis.

Despite the improvement in market conditions, Halifax's report revealed that first-time buyers are still only able to afford a home in 61 of the 297 local authority districts studied.

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