FTBs have great opportunity, expert says

11-Nov-2008

Recent economic develops mean first time buyers (FTBs) have a "great opportunity" to get onto the property ladder, an industry expert has claimed.

According to Sue Warwick, national sales and marketing director at Miller Homes, government pressure on mortgage lenders following last week's interest rate cut by the Bank of England has been excellent news for homebuyers.

Big players in the mortgage market have now passed on the Bank's 1.5 per cent interest rate cut to their borrowers, she noted.

This means that FTBs do not have to be as fearful about large monthly repayments after taking out their first mortgage, Ms Warwick suggested.

However, house hunters need to act soon because once the economy begins to recover, property prices will increase since demand will outstrip supply, she said.

"Buyers should take advantage of the market now because once the shortage of new homes starts to hit, prices will inevitably begin to climb again," Ms Warwick added.

Interest rates in the UK - at three per cent - are at their lowest level since 1955 following the Bank's interest rate decision last Thursday.

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.

'Game on for first time buyers'Lenders 'must not defy house hunters'UK interest rates cut to 3%

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | 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