Good time to enter market for first time buyers

19-Apr-2005

New figures have revealed that it is a good time to go into the property market for first time buyers.

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According to figures released by the National Association of Estate Agents (NAEA), the number of first-time buyers coming into the property market doubled during March.

The NAEA was quick to point to the Chancellor's decision to raise the threshold at which a buyer is forced to pay stamp duty from £60,000 to £120,000 in his Budget speech on March 16.

Also, slowing house prices and a move towards a buyer's market suggest that there has not been a better time for aspiring homeowners looking to get onto the property ladder, especially given the number of mortgages currently available aimed at first time buyers.

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Market stagnation has left buyers in a strong position, and many aspiring homeowners are being advised to take advantage of the situation by offering lower prices than sellers have previously been willing to accept.

Combined with that change, the fact that there is now a higher threshold for stamp duty means that many first time buyers are now able to put in low offers and not have to worry about the money for stamp duty, making it easier for them when finding a deposit.

Therefore experts in the housing industry are encouraging first time buyers to follow the lead set during March and enter the market while the conditions are in their favour.

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