My First Home Ltd.

Editor’s Letter

Despite the initiatives and incentives the number of first-time buyer’s remains close to historic low, but prospective buyers should begin to look to the future with brighter expectations - if prices continue to fall some of them will see house price reductions of between 10-15 per cent by the end of 2008. In previous years, falling house prices towards the end of each year encouraged a few more first-time buyers to dip their toe into the market place.

It seems obvious that falling prices will attract first-time buyers thwarted only by an inability to raise a large enough mortgage to afford a property. But how far will they have to fall before homes become affordable? The predicted by the CEBR equates to £8,000 on the average property price it quotes - is that enough to make a difference? Or will they need to fall further for first-timers to be able to buy a home?

And if they do, will buyers have the confidence to buy? These are often people with little in the way of a deposit, so if prices continue to fall there is a chance that some could move into negative equity, at least for a time. Confidence is sure to play a part, as well as affordability. It's certainly hard to be a first-time buyer in a rising market, but is it any easier when the market is on its way down?

The UK housing market was insanely allowed to get out of control and plainly become unsustainable. What's happening to it now is unpleasant, but basically a good thing: falling prices are necessary, and badly burned banks will have learned something about the long-forgotten art of responsible lending.

But is it enough? How long will it really take to break that link, now deeply entrenched in our minds, between home ownership and wealth acquisition (if you even consider it needs to be broken)?

What could we do - tax profits on house sales? Somehow make long-term private renting a truly viable alternative to ownership, as it is in large parts of continental Europe? Encourage sensible sale-and-leaseback schemes that mean people can own their homes, or rent them (or a bit of both), without it really mattering much which?

It seems to me we need to get back to a place where we think of houses as homes, not get-rich-quick schemes. But from where we now stand, will first-time buyers share this aspiration?

Myfirsthomeltd team hope you will enjoy making your way through our newsletter as much as we do, thus contributing to making home hunting easier, enjoyable and rewarding.

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First Home Is Now Within Your Finger-Tips

For the first-time in several years a slow down of the Housing market, has resulted in house builders and developers having large numbers of homes waiting to be sold. To ease their slow moving stocks, they have begun offering buyers incentives and reduced selling prices considerably.

It has been well publicised, that many first-time buyers are struggling to get on the property ladder in the United Kingdom. With the commencement of the ‘home buying season,’ myfirsthomeltd.co.uk is launching ‘Service At Your Finger-Tips’ with the objective to further assist first-time prospective purchasers, onto the property ladder.

This service is designed to bring house hunters into direct contact with professionals within the industry.

We all lead such busy lives nowadays and it’s not surprising that we sometimes struggle to fit everything in. Home hunters finding their dream home is no exception. So whether you’re a first-time buyer too busy with work to look for your first home, an investor looking to expand your portfolio, or busy parents desperate for some more space, but struggling to find time to look between baby-sitting and raising your children.

First-time buyers registering with www.myfirsthomeltd.co.uk will have free access to our newsletters, magazines and information centre. Designed to make house hunting easier, enjoyable and rewarding, giving prospective purchasers:-

Updates on market news and consumer trends.
Alerts on forthcoming developments.
Information on new homes and developments.
Promotions and events…

Technology is transforming the way we search for our next home. Gone are the days when people’s property searches begin with the nose pressed against an estate agent’s

Window and hours spent browsing through publications and driving through neighbourhoods. For many first-time buyers, the starting point is instead the internet.

For a new experience visit: www.myfirsthomeltd.co.uk and register immediately via the following link: Service AT Your Finger-Tips

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