NAEA urges homebuyers to be patient

22-Sep-2008

The National Association of Estate Agents (NAEA) is urging first-time buyers (FTBs) looking to get on to the first rung of the property ladder to be patient.

It says they should see buying a home as a sound investment, despite negative information and pessimism portrayed in the media.

The "wait and see" approach many FTBs have adopted because of the unsteady and unpredictable market has led to a drop in sales, the NAEA comments.

However, it believes that the market will recover in the next year or two and will offer substantial returns when it does.

"As long as a home is purchased with the plan to settle in and keep it for the foreseeable future then now is a great time to invest in a property," the NAEA states.

Last week the Association of Mortgage Intermediaries welcomed the Bank of England's decision to extend its liquidity scheme.

According to the body the move will provide "much needed" finance to the mortgage market.

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