Insurance News Archive

Hold off from becoming property owners, first time buyers warned

First time buyers have been advised to put off becoming property owners for a while yet, with the property outlook for the 2012 looking decidedly ropey at the moment.

The advice comes from Matt Griffith, spokesman for PricedOut, who claims that next year could be a tricky time to get involved with buying property and getting onto the housing ladder.

Behind this prediction from the company is the fact that real wage values are falling while deposit requirements for property appear to be getting higher all the time. These both combine to form a grim picture for first time buyers. 

Mr Griffith said: "First-time buyers would probably be wise to avoid becoming first-time buyers next year and batten down the hatches whilst they wait out for a saner housing market and lower prices."

This is despite the Council of Mortgage Lenders recently suggesting the persistence of low interest rates has helped make monthly mortgage payments for first-time buyers the most affordable for nearly eight years.

Posted by Judith Stevenson

14 Dec 2011