First time buyers 'can still find value for money'

11-Jul-2007

First time buyers are still able to find properties that represent good value for money in the UK despite interest rates and house prices both continuing to rise, according to a new study.

The survey from lender Halifax has identified the best value towns in Britain by comparing prices with quality of life as adjudged by a separate Halifax index.

Chesham in Buckinghamshire was found to offer the best value for money when it comes to towns with an average flat price below £150,000. while Stowmarket, Suffolk, is home to the best value terraced houses.

Sleaford in Lincolnshire, meanwhile, is the best town for first time buyers looking for an affordable semi-detached property.

"There are still some bargains to be had for first-time buyers and home-movers. Chesham is the best value for money location in the country for flats, followed by Stowmarket for terraced properties," commented Halifax's chief economist Martin Ellis.

"First time buyers who are struggling with finances should spend a little more time seeking out property bargains - endeavour can pay off. Looking into buy to let as an alternative should also be considered if they can raise some sort of a deposit. On the other hand, there are some creative mortgage and lending options which might just be the ticket," advised Helen Adams, Managing Director of first time buyers' advice wesite FirstRungNow.com.

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