Property market recovery 'will be slow'

07-Aug-2009

First-time buyers might need to seek parental help to raise enough money for a deposit, if the following comments are anything to go by.

Although confidence is beginning to return to the economy and there are currently low interest rates, some may find it hard to get a first mortgage.

This is because marketing director at fish4homes Lisa Walker explained favourable lending rates are limited to those with access to large deposits or equity in their existing property.

"House prices are indeed starting to move in the right direction, but recovery will be slow," she stated.

We do, nevertheless, welcome the news [values could rise in 2009] and see it as a positive step in the right direction."

According to the Halifax, house prices fell be 0.8 per cent in the first seven months of 2009.

Further data from the Nationwide Consumer Confidence Index indicate values are expected to rise by 0.5 per cent over the next half a year.

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