Now is the time to buy for first-time buyers

13-Oct-2009

First-time buyers have been advised to take a step onto the first rung of the property ladder by one organisation.

Abbey has conducted research into the prices of the typical apartments and properties that appeal to first-time buyers.

It noted cheaper prices across the country, with the exception of London, which means that it may be worth their while to buy instead of rent.

During the last year, average prices have dipped by nine per cent to £92,861, which would require a deposit of £23,215 if they needed to put 25 per cent down.

According to the group, a cumulative £1 billion could be saved over the next year if the 1.61 million Britons outside of London who said they were considering entering the housing market did so now.

Commenting on the findings, Nici Audhlam-Gardiner, director of Abbey Mortgages, said: "There is hope for first-time buyers.

"It's now cheaper in all bar one of the regions to buy rather than rent and shows that saving for that all important deposit is so worthwhile too."

Meanwhile, national house price trends have shown that they are on the up, which, according to Helen Adams, marketing director of Firstrungnow.com, may put first-time buyers off.

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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