Homebuying ‘not for short-term gain’

Those getting on the housing ladder should not be aiming at short-term gain, an expert has said.

Managing director of first-time buyer services provider FirstRungNow Helen Adams advised: “Buying a home is a long-term investment and not something people should merely be looking to make a fast buck out of.”

Instead, having a stable capital asset for retirement is the best reason to make the move, she stated.

Ms Adams recommended that the best thing prospective buyers can do is save plenty of money for a deposit, while also noting that the type of mortgage people choose should not be based on the current record low interest rates, as these could rise before too long.

Overall, property is getting more affordable, according to the Halifax first time buyer review published this week.

It showed that the average home is affordable for people with typical incomes in 39 per cent of local authorities, compared with just six per cent in 2007.

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