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First-time buyers 'should save hard and wait'
02/12/10
Edited by Andy Jowett.Prospective first-time buyers should "save hard and wait" as conditions in the residential property market are set to improve for them in 2011.
A spokesman for affordable housing campaign group PricedOut said prices look set to decline next year, which could lead to an easing of the criteria for accessing home loans.
However, he noted, it is likely to be several months before there is a significant uplift in banks' lending.
Nevertheless, the spokesman explained that holding back for a little bit longer means house hunters could avoid the "rollercoaster ride" facing property owners who overcommitted financially in order to land a property towards the tail-end of the market's boom.
"For first-time buyers, the message is to save hard and wait for an opportunity to exploit lower house prices later," he added.
The comments come after a poll by FirstRungNow.com found that two-thirds of prospective home owners think 2011 will be a good time to get on the residential property ladder.
