Conditions improving for first timers
First-time buyers are likely to benefit from the slow property market during 2008, a mortgage expert predicted today.
Ray Boulger, senior technical manager at mortgage broker John Charcol, expects next year to bring a two per cent fall in house prices and a reduction in the number of properties sold.
These factors will leave people searching for a new home well placed to strike a good deal, because they do not have a chain restricting when they can move and no longer need to feel pressurised to buy immediately because of the fear of further price rises," explained Mr Boulger.
He added: "Although a few lenders have withdrawn from the 95 per cent and 100 per cent markets most haven't and with interest rates coming down affordability should improve during the year."
Statistics compiled by the Council of Mortgage Lenders show that during October 2007 the average first-time buyer had to borrow £117,800 to fund the purchase of their home.
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