Now is "great" for first-time buyers

30-Jul-2009

The current financial climate is "great" for first-time buyers, it has been suggested.

Head of consulting at independent property firm Ducalian, Timothy Lambert, said those with strong employment and a "healthy" deposit should take advantage of the bottom of the market and purchase a home.

Interest rates are so low, it could be the best time to get a competitive mortgage - if buyers do a bit of due diligence, he added.

They must consider where and what they are thinking of purchasing, because not everything is a "sound prospect".

"More importantly, you will not make a quick buck in this market," Mr Lambert added.

His comments follow statistics published by the Land Registry earlier this week, which said June saw an increase of 0.1 per cent in the monthly change of house prices.

It found that London experienced the biggest rise in prices, with the average property valued at £301,859.

Prices in the north-east fell by 15.9 per cent.

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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