Thursday 3rd July 2008
First-time buyers (FTBs) are likely to benefit most should house prices correct themselves in the coming months, it has been suggested.
Paul Holmes, operations director at FTB services provider Firstrung, explains that there are a number of reasons why they could stand to gain more than other potential property buyers.
He argues that many FTBs want a home, rather than an investment, rendering the possibility of profiting from a subsequent sale of the house less important.
As a result, it becomes "obvious and sensible" to purchase at a level when houses become affordable, he adds.
Meanwhile, Mr Holmes forecasts that houses are likely to fall in value over the remaining months of 2008.
"I would say we are on target now for a fall in house prices of 15 per cent from August 2007 to perhaps the end of this year," he predicts.
He notes that, while the present economic climate may seem harsh for many FTBs, "the future is very bright".
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