First-time buyers 'will find it easier in urban areas'

Date:Tuesday 15th September 2009
Author: Susanna Kavka

First-time buyers have been told they will find it easier to get on the property ladder if they look in urban areas, according to an industry commentator.

Robert Pritchard, director of Smiths Gore, made his comments following news that a quarter of all mortgages taken out in rural areas are by first-time buyers.

Research by Halifax showed that they accounted for 27 per cent of mortgages in countryside regions.

He commented that they must be having a tough time because house prices are still relatively high in rural villages, whereas there will often be small flats available in larger towns which are far more affordable for first-time buyers.

"It is probably easier to go to an urban town, hence the argument that people can't afford to live in the place where they grew up," he added.

Mr Pritchard noted that for those with money right now it is probably a good time to "trade up" their house, since people will get better value for money because of the state of the market.