UK Money News
7th December 2007
Well-placed FTBs 'can make the most of slowdown'
Those first-time buyers (FTBs) "who are well placed to buy" are the only ones that are likely to benefit immediately from house price falls, a property specialist predicts.
Lucian Cook, of real estate service provider Savills, has explained that the recent credit crunch in global markets will affect the ability of first-time buyers to secure finances such as mortgages.
The Savills director of research suggests that the current slowdown in the housing market will "provide some opportunities" for certain buyers, such as those with some existing finances, but is unlikely to help the majority of first-time buyers, particularly those who have trouble with debt.
"[Lenders] are going to be applying tighter lending criteria - possibly reduced income multiples - and they're going to look at affordability very hard," Mr Cook explained. "The first-time buyers who [price falls] will help are those who have accumulated relatively high levels of cash reserves, and who are well placed to buy."
Lenders in Britain are being warned by the Financial Services Authority (FSA) to "protect themselves" against the potential after effects of the global credit crunch that almost caused the collapse of Northern Rock by being more wary. The warning follows figures from Halifax indicating that house prices fell by 1.1 per cent during November this year, compared with the previous month.
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