Mortgage brokers and property agents have urged first time buyers not to rely on falling prices to enable them to afford a bigger or better house.
First time buyers have been urged not to abandon plans to buy a home ahead of an expected house market slump next year as their costs could end up higher.
The property market has already started to cool, even before accounting for the recent problems in getting an affordable mortgage. Figures from mortgage lender Halifax showed that average house prices fell by 0.1 per cent between August and September. As recently as September, lenders might have offered a typical rate of 3.96 per cent for the same mortgage. That would require payments of £1,354 for a total cost of £487,313 over the same term.
Danmark Seneste Nyt, Danmark Overskrifter
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