30
Jan
Price correction 'good for first-time buyers'
First-time buyers will benefit from the price correction in the
property market, the head of a firm providing services to those
trying to get on the property ladder has commented.
Chief executive of Firstrung Paul Holmes said the current situation
in which prices are being forced down will help such purchasers to
find a home and mortgage at "reasonable" prices.
He stated that such a situation will amount to a "bright" future,
as it would represent a return to a traditional model of house
buying where people can buy a home affordably, pay off the mortgage
over 25 years and own it outright.
Mr Holmes concluded: "The healthy correction in mortgage lending
and in the housing market is long overdue and it will be a good
panacea for a lot of us."
Last month Nationwide revealed that house prices had fallen by 15.9
per cent in the UK over the course of 2008, lowering the average
house price to £153,048.
