First time buyers 'face a bright future'

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First time buyers in the UK face a "very bright" future due to the correction in house prices, according to an expert.

Paul Holmes, operations director of specialist company Firstrung, stated that those looking to purchase their first property are set to be "the major beneficiaries" as prices fall.

He added that most people in that position are not interesting in making a profit on a home like a buy-to-let landlord.

"The majority of first time buyers want to buy a house to call home: to live in, to pay off the debt over a 25 year period and to end up with something after it," he explained.

"If they can afford to buy that one property in a fair manner, in an equitable manner and buying that property with a mortgage equivalent to what they would have to pay for rent, then it becomes a very obvious and sensible decision to buy."

Recent research from the Council of Mortgage Lenders found that the average first time buyer took a home loan which was 3.3 times their income.

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