Winter could be 'good time' for buying first properties

25-Nov-2009

First-time buyers may want to consider purchasing their first property on the basis of one expert's advice.

Katie Tucker, technical manager at mortgageforce explained that the season may present opportunities for those stepping onto the housing ladder.

With property prices traditionally dipping at this time of year, people buying their first home may find it easier to afford.

"This winter is going to be quite a good time for first-time buyers because the property market normally seizes up at this time of year, so it may well be that properties fall a little bit [in value]," she commented.

Ms Tucker pointed out that prices usually drop between November and January.

However, she also noted the potential effect of the end to the stamp duty holiday, which could create a lull in the market.

According to the British Bankers Association, there were 42,238 new mortgage approvals in October this year, which represents a 97.7 per cent improvement compared to the same month in 2008.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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