5 August 2010
One industry expert has recently stated that the recent fall in house prices in parts of the UK will come as good news for first time buyers, many of whom have been disappointed that property prices have been rising again over recent months, putting home ownership even further out of their reach.
Paul Holmes from property company Firstrung said that the country’s first time buyers would welcome the fact that house prices had fallen again recently, but he added that there was still a long way to go for first time buyers in terms of the price of property and the amount that they could actually afford.
For many first time buyers getting a mortgage is already a difficult enough task but with the price of property still high in the UK compared to many other countries many simply could not get a mortgage for the amount that they required. For many the deposit was still a huge issue, with many lenders still demanding deposits of 25 percent or more.
During the month of July asking prices in the UK fell for the first time this year according to the property website Right Move, and this resulted from an influx of sellers onto the market compared to a smaller number of would be buyers due to the problems that many buyers are experiencing in getting a mortgage.
Tags: house prices, mortgage, Mortgage loan, Property ladder, first time buyerOne first time buyer explained the difficulties that she had been facing in trying to get onto the property ladder in the current climate, stating: “Although house prices are said to have fallen recently, which is good news for people like me, the price of property in England is still way too high, and with the higher deposits that lenders want buying is still out of the question for me.”