Timing is 'crucial' to entering the property market
Property professionals
11th May 2009
A decrease in the deposits required by mortgage lenders will be the first sign that the property market has bottomed out, it has been claimed.
According to Paul Holmes, chief executive of property advice website Firstrung, those hoping to get a foot on the housing ladder should wait until banks become more wiling to lend money.
His recommendation comes after 70 per cent of first-time buyers surveyed by Rightmove.co.uk said they thought now is a good time to buy a house.
The website's Consumer Confidence Survey, which was published early this month, found that around one in five (21 per cent) people believe the market will be in a worse condition in 12 months.
Mr Holmes warned that timing is crucial when it comes to entering the market.
"The best time to do it is probably just as lenders are starting to offer mortgage deals with sensible levels of deposit," he said, adding that lenders have access to "probably the best market intelligence bar none".
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