First time buyers getting savvy

18-Jul-2005

It has been discovered that a buyers' market is very much in the ascendancy in the property industry, with aspiring first time buyers set to reap the benefits.

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

According to research carried out by Yorkshire Bank, first time buyers are now in a better position than at any time in recent years, as sellers are now more willing to offload their property for less than the asking prices.

The property market has been cooling for a number of months now, and as such 20 per cent of sellers are choosing to take lower offers from buyers in shorter chains – and particularly first time buyers – instead of holding out for a higher bid.

And first time buyers are being urged to take advantage of this growing trend, by offering a price well below the asking price, as they are now more likely to see that bid accepted than at any time in recent years.

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

As Gary Lumby, head of retail at Yorkshire Bank, explains: "First-time buyers are of course well-placed to take full advantage of [the current market conditions], along with the increasingly attractive mortgage deals that many lenders are prepared to offer them."

Click here for our first time buyers guide

Click here for further information on finding a deposit

If you want to post your comments on today's news in the FirstRung Forum click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar