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First-time buyers 'can afford to wait'

By Jonathan Dawes, Thu 3 Jul 2008 - Published in Mortgages

First-time buyers who are struggling to get loans at the moment should concentrate of saving while waiting for the market to correct itself, Firstrung has advised.

Operations manager Paul Holmes said that conditions in the mortgage market will improve but in the meantime people can start saving without worrying that house prices will rise.

Mr Holmes stated: "At the moment with prices falling you are safe in knowledge that you are not missing out on anything, the market is not racing ahead, it is coming more towards prices that you need."

Statistics released by the Council of Mortgage Lenders revealed on average during April first-time buyers put down deposits of 13 per cent. This is the highest level in more than three years.

The figures also found that first-time buyers typically took out loans about 3.3 times their income, down from 3.35 in March.