An industry expert advises that first-time-buyers could benefit from recession

Posted: 14 Jul 2008 13:19:35 GMT

First-time-buyers could be the beneficiaries of a recession, an independent financial advice site has said.

First-time-buyers could be the beneficiaries of a recession, an independent financial advice site has said.

David Kuo, head of personal finance, has said that those who are keen to get on the housing ladder and have enough money for a deposit will be in a good position under the current economic climate.

Mr Kuo said that for those without debt "this is one opportunity that comes around once every ten years and as far as they are concerned the best thing that can happen would be if house prices fell to a level where they would be able to afford to get onto the housing ladder".

According to figures from the Council of Mortgage Lenders, the average first-time buyer put down a deposit of 13 per cent in April to secure a property.

Currently first-time buyers typically took out loans for 3.3 times their income, down from 3.35 in March. The average home mover loan was 2.96 times their income, down from 3.0 in March.

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