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'Time is right' for first-time purchase residential property buyers
09/10/09
First-time buyers looking to get their hands on some residential property may be interested to learn the time may be right.According to Abbey, buying is now cheaper throughout the country, with the exception of London.
The organisation claimed a cumulative £1 billion could be saved if the 1.61 million people in the UK currently considering purchasing a property did so in the next year.
Research from Abbey into typical first-time buyer flats and terraced properties over the past 12 months showed average prices have decreased by 9%.
Commenting on the results, Nici Audhlam-Gardiner, director of Abbey mortgages, said: "There is hope for first-time buyers trying to buy their first home.
"It's now cheaper in all bar one of the regions to buy rather than rent and shows that saving for that all important deposit is so worthwhile too."
People stepping on to the property ladder looking to make home improvements on their new house can find a local tradesman with Rated People.
They may choose a 'make do and mend' look for their living space, as Julia Kendell, from the BBC's DIY SOS, said recently that this is an emerging trend among home owners.
