UK Money News
10th December 2007
New buyers 'could win or lose in 2008'
First-time buyers looking to compare mortgages in 2008 will find that recent market changes present a double-edged sword, it has been claimed.
The Council of Mortgage Lenders (CML) states that falling prices are likely to make it easier to get a foot on the property ladder.
However, such buyers are also likely to be most vulnerable to volatility in the market and will be subject to the whim of consumer confidence to a greater degree.
"But one way or another, first-time buyers can at least breathe a sigh of relief that we are probably not going to be seeing house prices getting further out of reach," observes Sue Anderson, head of external affairs at the council.
According to the most recent Halifax House Price Index, property values fell by 1.1 per cent in November - although in annual terms the market is still 6.3 per cent higher than the previous year.
However, many personal finance institutions are expecting a greater drop in values as 2008 gets underway.
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