Winter a 'good time for first-time buyers'

Posted: 25 Nov 2009 10:52:29 GMT

Buying a property in the winter could be beneficial for first-time buyers.

According to mortgageforce, the housing market normally seizes up at this time of year so the value of property could potentially decrease slightly.

Katie Tucker, technical manager at the firm, says that first-time buyers may be able to take advantage of the prospective fall in house prices in the coming months, as well as increased mortgage lending of late.

She goes on to say that house prices traditionally drop in value in November, December and January, with the market not picking up again until the spring.

The British Bankers Association reported a 98 per cent increase in mortgage approvals in October, compared to the same month last year.

Ms Tucker describes this as "encouraging" but adds that she expects to see a "lull in the coming months as many first-time buyers will wait to see whether the stamp duty holiday will be extended".

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