New rules to improve "transparency" in housing market

13-Aug-2008

First-time buyers could be set to benefit from greater "transparency" within the housing market, it has been claimed.

The Council of Mortgage Lenders announced in June that it would be setting new standards for those acting on behalf of lenders.

Coming into effect in September, the new procedures are expected to ensure the system offers a "true" reflection of the value of properties.

Helen Adams, managing director of FirstRungNow, said: "Anything that improves the transparency of house prices is good and it's always been the case that new-build properties have been highly priced with a premium."

As with other items, new houses can often depreciate in value over the course of the first year, potentially meaning mortgage holders could "end up in negative equity", Ms Adams explained.

The standards will be good news for both first-time buyers and lenders, who are likely to benefit from a more transparent market, but obtaining large mortgages may become more difficult, she added.

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