Now "a great time" for first-time buyers

Date:Monday 1st June 2009
Author: Max Freedman

First-time buyers who have managed to save up a large deposit or receive some help from their parents are in a good position to secure a low-rate mortgage, according to an executive at the Building Societies Association (BSA).

Paul Broadhead, the BSA's head of mortgage policy, stated that while first-time buyers may have to save for longer than before for a larger deposit, those who can make it work may find it is "a great time" to purchase property.

"The mortgage rates are historically low, property values are lower than they have been for a number of years; it's a great time for them to get [on the property ladder]," he said.

Earlier this month, Halifax reported that housing is presently at its most affordable level since early 2003.

Figures from the bank indicated that Scotland, Yorkshire and Humberside were among the most affordable locations for first-time buyers in the UK.