House prices 'not main concern of first-time buyers'
02-Jul-2009
It is the issue of mortgage affordability and not
house prices that is the main concern of
first-time buyers, it has been suggested.
According to Catherine Hearnden, director of financial adviser group MyMortageDirect, recent increases in property prices reported by Nationwide Building Society are of less interest to people looking to buy their
first property than the processes to find a mortgage
deposit.
Commenting more widely on property costs, the expert suggested that the value of housing will rise "gradually" in the coming months.
"Even though we are seeing steady rises, they are not that steady, it has only been a couple of months and they are not really big," she explained.
Nationwide's house price research, released earlier this week, showed that the value of the average UK home went up 0.9 per cent in June.
It was the third time in four months, the building society had announced a rise in value of bricks and mortar and the average property price was said to be worth £156,442.
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Nationwide reports house price growthProperty expert assesses mortgage marketResearch is 'vital' for first-time buyers
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