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Wait and see, first-time buyers told

Wait and see, first-time buyers told

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First-time buyers who cannot afford to get onto the property market should wait and see while prices "correct", it has been suggested.

According to Firstrung, these buyers should save so they can afford a mortgage at the bottom of the ladder, if this is an impossible task at present.

Operations director at the company Paul Holmes noted that these consumers ought to be "confident" because prices are dropping all of the time.

He said that the market must revert to a "normal historical trend" eventually in terms of cost, so first-time buyers should not despair too much.

"At the moment with prices falling you are safe in knowledge that you are not missing out on anything, the market is not racing ahead," he commented.

The National Housing and Planning Advice Unit has said that affordability will not be aided even if prices drop by ten per cent in 2009 and five per cent this year.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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