An article on mortgages.co.uk has explained how the credit crunch could actually benefit first time buyers.
It describes how a money expert from moneyfacts.co.uk, Andrew Hagger, has said how first time buyers who are able to put down a 10% deposit on their first home could actually benefit from the current financial crisis in the US and Europe.
If buyers are able to ride out the storm, sit tight and take advantage of the current high interest rates on savings accounts and also the high fall in house prices.
There are some fantastic resources for those looking to save money during this time of financial crisis. Money Saving Expert has advice on how to switch to a bank account [http://www.moneysavingexpert.com/banking/] that works harder for you. Money Facts also has a good website offering a number of ways in which you can save, including an article on how to save nearly five hundred pounds a month.
Reports on the Fool indicate that the major concern surrounding house prices may actually be exaggerated, with the Department for Local Communities and Local Government claiming a fall of 0.3% in the year to July, and in some areas of the country, house prices have actually risen and that recent scares are partly due to Halifax and Nationwide publishing figures which they based on their own mortgage transactions as opposed to the CLG which bases its figures on Land Registry data.
Michael Jones award-winning estate agents in West Sussex offer personal and commercial sale and lettings. For more information, visit www.michaeljones.co.uk or call 01903 213 281.
