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First-time buyers to see change 'by end of 2011'
First-time buyers could find more affordable options towards the end of 2011 and into 2012, so long as interest rates remain relatively low, one expert has said.
Jim Munson, head of marketing at Metropolitan Home Ownership, noted that meanwhile, first-time buyers "are clearly looking for affordable alternatives whilst the market is uncertain", noting that there have been near-record levels of interest in shared-ownership within London this year.
However, the issue of affordable housing remains an issue for many people looking for their first mortgage.
A recent survey by ComRes for Genworth Financial revealed that the majority of MPs believe more must be done to help young people find their first home.
It found that 77 per cent of MPs believe that homeownership is an important policy goal.
"Although lending terms appear to be easing and prices are dropping outside of London, the perceived strength of the wider economy and its impact on buyer confidence does seem to be having an effect," Mr Munson added.
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Jim Munson, head of marketing at Metropolitan Home Ownership, noted that meanwhile, first-time buyers "are clearly looking for affordable alternatives whilst the market is uncertain", noting that there have been near-record levels of interest in shared-ownership within London this year.
However, the issue of affordable housing remains an issue for many people looking for their first mortgage.
A recent survey by ComRes for Genworth Financial revealed that the majority of MPs believe more must be done to help young people find their first home.
It found that 77 per cent of MPs believe that homeownership is an important policy goal.
"Although lending terms appear to be easing and prices are dropping outside of London, the perceived strength of the wider economy and its impact on buyer confidence does seem to be having an effect," Mr Munson added.
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Published: 11/03/2011
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