Home sweet home, as long as the mortgage is right
01 November 2007
Any slowdown in the property market should not put current rental tenants off from trying to buy their own home, it has been claimed.
According to Key Financial Consultants, potential first-time buyers (FTBs) should not be put off by fluctuations in the housing market so long as they can still afford to pay the mortgage on their home.
Dominic Mansley, managing director of Key Financial Consultants Ltd, said: "If it's a case of buying a home to get out of rented accommodation, then yes it is still an asset worth having because you're going to hold it for a long time.
"It doesn't really matter what happens in the market, as long as the mortgage is affordable. It doesn't really matter whether the value goes up or down - because it isn't an investment, it's a home."
Latest figures from the Land Registry, show the average house price in the UK in September 2007 was £183,896, an 8.7 per cent growth on September 2006.
However this growth was down from the 9.3 per cent average annual increase witnessed in the previous four months.
