First-time buyers 'have hope'
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Posted: 23rd Jul 2008
First-time buyers have been urged to act as 'opportunists' and take advantage of the house price slump, provided they are in sound financial positions.
The National Association of Estate Agents (NAEA) have released figures that show an 11.8 per cent share for first-time buyer sales in June, as well as stability in the amount of viewings before a sale is secured.
Nevertheless, the NAEA president, Chris Brown, believes that homeowners and people looking to buy are still wary of the current market and the government should step in to help restore faith.
"For first-time buyers who have the adequate funds in place and can secure mortgages, now is a time they can operate as opportunists and take advantage of the market and the properties and prices currently available," he said.
"However, it is clear from NAEA members that the last few months have been a difficult time for both the home buyer and seller."
The number of house buyers on agents' books in London and the rest of the UK has decreased to an average of 226 for NAEA members, down from 322 a year ago.
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