January 26, 2009

Getting back into the market

It is like the holy grail of the property market, when to get onto the property ladder. In the past, this was not a problem, in fact, banks and building societies were literally falling over themselves in order to get new business, but we all know where that led us.

The property market has seen prices falling for around eighteen months, in theory this could be a good time to jump in, but for the thousands of potential first time buyers waiting in the wings, buying that first property may be harder than they think.

To lenders first time buyers is no longer the prime target, only those with substantial deposits will be getting the best rates, but this will require a forty per cent deposit and at the current rates, this is probably going to be in the region on £60,000.

Source [Times]