First time buyers urged to be patient

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First time buyers in the UK have been urged by an expert to be patient about entering the market.

Paul Holmes, operations director of specialist company Firstrung, stated that people who cannot afford to enter the sector should bide their time and add more savings to their deposit.

He added that consumers who do that can stay out of the market and be safe in the knowledge that their purchasing power is growing.

Discussing deposits, Mr Holmes said: "Just simply put it away and be confident that as prices are falling there will be a time when you can put that deposit to incredibly good use.

"Instead of having a mortgage of £135,000 you will be having a mortgage of £85,000 and if you extrapolate that over the period of a 25 year mortgage it's incredibly revealing just how big the saving that you will make is."

Recent research from the Council of Mortgage Lenders found that the average first time buyer put down a deposit of 13 per cent in April.

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