Patience is the name of the game for aspiring homeowners

11-Nov-2005

Potential property owners are taking the decision to be patient in the search for affordable housing in the hope that prices will fall, says a survey by Alliance and Leicester.

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you

One in five aspiring homeowners admitted to waiting out the high prices. Three quarters of people said they would delay moving for a year, while 33 per cent were happy to wait at least five years.

Figures show the need for more affordable housing sites and shared ownership schemes but also indicate that the majority of buyers are taking a sensible approach and refusing to rush into the house buying process.

To find out what you can borrow, even if you are in an adverse credit situation click here

Stephen Leonard, director of mortgages at Alliance & Leicester, explained that waiting for prices to fall had its advantages and disadvantages but said that choosing the right mortgage could help to limit the impact of high prices.

"Delaying tactics signify that homebuyers are being cautious about the property market and are considering their choices carefully before leaping," he commented.

"There are various ways that homebuyers can get a foot on the ladder, part of that decision is choosing their mortgage deal carefully."

Mr Leonard emphasised the importance of seeking independent advice on financing the purchase of a property.

For our first time buyers guide to buying a property click here

To find out more about creative mortgages designed specifically for first time buyers click here

If you want to post your comments on today's news in the FirstRung Forum click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar