January 6, 2009
First Time Buyers Come Back Into The Market
The (Council Of Mortgage Lenders) CML reports a rise in first-time buyers "FTB" re-entering the market. The latest report shows 15,400 loans granted to FTB in October , up 15% from the previous month. Although this may show some light at the end of the tunnel it is not prudent to view one months statistics in isolation.
The government is trying hard to introduce new initiatives to try and stimulate the current UK property market.
The latest Halifax report showed that the number of completions taking place was down 64% on the previous 12 months. The houseprice index also found that affordability to be at it highest for over 5 years, this measures house prices to earnings ratio was at its most favourable at 4.56.
My personal view is that 2009 will start with modest falls but will stabilise in the second half of the year. I also believe that right now is an ideal time to buy property, with prices falling in conjunction with historically low interest rates offer excellent opportunities for UK property investors.
