First-time buyers must save, says PricedOut rep

Date:Wednesday 1st December 2010
Author: Susanna Kavka

A source from PricedOut has claimed that first-time buyers must spend time putting aside cash if they are going to get on the property ladder.

The spokesman from the national affordable housing campaign suggested house prices look likely to fall in 2011, so people should gather together enough cash for a deposit and wait for a chance to "exploit" the reduced value of homes.

"As prices fall and credit conditions ease, banks may well start to lend again, but this still looks like being months away," he said.

The representative pointed out that there is a silver lining to the situation, in that people who invest in a property now face less risk compared with individuals who bought during the boom years.

Research by FirstRungNow.com shows that 40 per cent of Brits in a position to buy their first home have access to a ten per cent deposit.

However, the firm noted that this is not always sufficient to land them a property.