Future bright for first-time buyers

The future is "extremely bright" for first-time buyers, it has been claimed.

Firstrung's chief executive officer Paul Holmes stated that prospect for people hoping to buy their first home is good, as the current housing market crisis will make homes more affordable.

However, he warned that while homes may be becoming cheaper, first-time buyers still need to assess the security of their jobs before buying.

Mr Holmes also stated that people will have to "save furiously" over the next two or three years in order to build up a deposit.

"However, the good news is that, while they are saving up for that deposit, house prices will continue to fall and come more in line with affordability and their expectations," he concluded.

Figures from the Land Registry House Pricing Index show that there was an annual house price change of minus eight per cent and a monthly change of minus 2.2 per cent, according to September's data.

The average home now costs £163,814.