More FTBs 'would boost property market'

23-Jun-2009

The property industry would be given a boost if financial institutions could come up with a product that made things easier for first-time buyers (FTBs) to enter the housing market, it has been suggested.

According to online direct advertising service Little House Company, first-time buyer mortgages and confidence in the market are two of the main issues that need addressing if there is to be a market turnaround.

However director of the firm Jane Marr said that when the price of property is right people will buy it, so valuations may need to come down to kick-start more transactions.

"We have seen our private sellers reducing prices to kick start a sale, many have been waiting around for a buyer and we feel that this reduction is a result of sellers trying to be more competitive," she explained.

Although Ms Marr thinks more could be done to help first-time buyers, there are already a number of government-run schemes such as HomeBuy that allow people to take their first steps on the property ladder by sharing mortgage payments with local councils.

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.

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