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First-time buyers advised to 'sit tight'

First-time buyers advised to 'sit tight'

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First-time buyers should wait for the housing market to settle before buying a property, it has been suggested.

As the economy is currently uncertain, it is advisable for first-time buyers to gauge what the market it doing before they sign a mortgage, business development director at iammoving.com Peter Beckett stated.

He noted until the housing market settles, first-time buyers may have to sit tight.

"If you rush into something now, you could find yourself in a negative equity position, having borrowed in order to be able to afford to secure the property in the first place," he warned.

Mr Beckett also suggested that "savings, inheritance or a loan" are the best ways to purchase a property, as well as relying on "parental support".

Research by the firm has found that 17 per cent of first-time buyers are borrowing money from their friends and family in order to afford a house.

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

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