Brits urged to rent for a while at least |
30 2008 |
| Young Britons who do not own a property may do well to rent for a while before purchasing. That is according to Moneyfacts, which said that it may be wiser to invest once house prices have fallen. It is currently very difficult to get a mortgage and almost all deals now require a deposit to be paid. But instead of spending the money raised for a deposit, Moneyfacts said that this should be put aside and used once house prices have fallen in a couple of years' time. "With the current levels of uncertainty and volatility surrounding the mortgage industry and the housing market, maybe it's worth sitting on the sidelines and saving that ten per cent deposit until the stormy clouds blow over," said Andrew Hagger from the firm. "If property prices were to fall by 15 per cent in the next 18 months, (which is conservative compared with some estimates), then those who are itching to get their foot on the housing ladder could benefit from a double whammy of very high savings rates and the falling cost of that elusive first property," he continued.  |
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