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Weather and end of stamp duty holiday 'were good news for first-time buyers'

05-Mar-2010

The unseasonably cold and wet weather that has plagued Britain for the early part of the year, as well as the end of the government's stamp duty holiday, were both factors in house prices falling in February, an expert says.

A decrease of 1.5 per cent, as reported by Halifax this week, may be good news for would-be first-time buyers hoping to get onto the property ladder.

Pressure to find a deposit is often cited as a key obstacle that must be overcome by first-time buyers, so the lowering cost of property is helpful as the sum required upfront falls in line with this.

Simon Rubinsohn, chief economist at Rics, claims the weather and stamp duty issues played a significant part in Halifax's results.

He says: "There is no doubt that unseasonably poor weather and the ending of the stamp duty holiday have impacted the housing market in terms of creating a greater level of volatility."

Mr Rubinsohn adds that he expects prices to rise in the near future - meaning now could be the time to seal a deal for first-time buyers.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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