FTBs the real benefactors from home clearance sales, expert says

26-Nov-2008

First time buyers (FTBs) would benefit significantly from a growth in home clearance sales across the UK, according to a leading economist.

Seema Shaha of Capital Economics commented that such events are a big help for Britons looking for their first mortgage and finding it difficult to get onto the housing market because of inflated prices.

Last month, Hometrack's housing market survey reported average property price falls of 7.3 per cent over the previous annual period.

But amid the impact of the economic downturn on mortgage finance, many homeowners have failed to sell properties which have been overvalued on the market.

The recent fall in housing market transactions prompted Countrywide to hold a property clearance sale in Glasgow last Saturday where homes were available for purchase at discounted prices of up to 40 per cent.

Ms Shaha commented that for anyone wanting to get onto the housing market, events of this kind are "good news".

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.

Rics welcomes savings scheme for FTBsFTBs 'can capitalise on a buyer's market'House prices continue to fall

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