Promising news for first time buyers in 2009

First time buyers are faced with a brighter future in 2009, according to the Halifax First-time buyer affordability review.

With the house price to earnings ratio improving dramatically in the last 18 months, giving first time buyers the chance to take advantage of the low house prices.

In November 2008 the ratio was at the lowest level in five years at 4.56 from July 2007’s high of 5.84.
With the figures this low means that the numbers of properties in the UK that have become affordable have increased more than three times during 2008.

Although in particular the first time buyers in the Midlands and the South of England are benefiting the most. Scotland has also seen a huge increase of affordable homes for average earners in more than two thirds of local authorities.

House prices are likely to continue to fall in 2009 according to the Royal Institution of Chartered Surveyors, and the number of new buyer enquiries have risen to their highest level since October 2006, these figures showing that it’s a great time to get on the property ladder as the trend is set to continue throughout 2009.

This come after reports last week from Hometrack, the information group revealed that house prices have dropped by 8.7 percent in the UK in the last 12 months.

Source: Choices Spun ipod Filth and Wisdom psp

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