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Falling Prices Means More Buyers - Nov 08

The drop in house prices has made it easier for first-time buyers to get on the property ladder, it has been claimed.

According to the National Association of Estate Agents (NAEA), there is optimism in the sector as the number of first-time buyers entering the market rose from 8.3 to 9.5 per cent between August and September of this year.

The NAEA claims that the government's £37 billion bailout of ailing banks is making it easier for people to secure mortgage finance.

In Scotland, the recovery is being felt sooner than in the rest of the UK, according to Leslie Deans, senior partner of Leslie Deans and Co.

He said: "Things are now considerably better than they were six weeks ago."

"Liquidity and the flow of funds has improved and it is a lot easier for people to get mortgages," he added.

According to Directgov, one of the main advantages of being a first-time buyer in the current market is the low base rate.