First-time buyers fortunate enough to have a large deposit to hand should make their move on the property market now, it is believed.
Paul Broadhead, head of mortgage policy at the Building Society Association, has said low mortgage rates and house prices could provide the ideal opportunity to get on the property market.
"Now property is more affordable of course, they need larger deposits than they had before so they have to save for longer," he commented.
Mr Broadhead noted that there is "lots of interest" in the property market at the moment and urged first-time buyers to consider purchasing sooner rather than later.
Halifax reported in May 2009 that housing was at its most affordable level since January 2003.
The proportion of local authorities in the UK where housing is affordable for first-time buyers has more than trebled since 2007, the research showed, with 21 per cent of authorities classed as affordable in the first quarter of 2009 compared with six per cent in the third quarter of 2007.
See Also: Property News (6705)
Date Published: 01 June 2009
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