Everest industry news
First-time buyers driving harder bargains
08 May 2008
The average first-time buyer now expects to pay £20,000 less for their first home than in December last year.This is according to the finance site Moneyextra.com, which reports that those looking to climb the first rung of the property ladder aim to pay over ten per cent less than five months ago.
In December, the average first-time buyer was in the market for a home worth £190,040, but this fell to £170,559 in April.
New home loan borrowers expect to secure finance in the region of £141,369.
"First-time buyers who are in a position to buy are driving much harder bargains with sellers," observed Moneyextra's senior editor, Robin Amlot.
"Housing is very definitely a buyers' market now rather than the sellers' market that existing homeowners had become used to," he added.
More house hunters than ever are also clubbing together to capitalise on the buyers' market, AWD reports, as dual income mortgage applications reached a record high of 44.79 per cent in April.
With household costs on the rise, new buyers are urged to take notice of the energy performance details listed in Home Information Packs.
Properties with efficient upgrades such as added insulation, double glazing and draught proofing will be better at conserving fuel as well as protecting the environment and will also be cheaper to run.
