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FTBs told to 'save and wait'
03 July 2008
First-time buyers who cannot afford to purchase a property are being told to wait until house prices fall even further, claims Firstrung.
With house prices predicted to fall by up to 35 per cent over the next three years, according to Capital economics, first time buyers should be patient and wait until they can afford to buy a property.
Paul Holmes, operations director of Firstrung, said: "The best advice for first time buyers is while you are priced out and there is no mortgage product available for you – save up your deposit."
By putting money away now, first time buyers will be able to get a cheaper mortgage which will save thousands in the long term.
"With prices falling you are safe in knowledge that you are not missing out on anything," said Mr Holmes.
According to the Council of Mortgage Lenders (CML) the average first-time buyer put down a deposit of 13 per cent in April, which is the highest level in over three years.
