First-time buyers 'need to consider all of their options'

First-time buyers in the UK have been told it is "really important" for them to examine all of their options before entering the housing market.

Andy Pratt, the spokesperson for advice firm Alexander Hall, said that those thinking about taking out a mortgage should consider the position they would be in if property prices rose, fell or stayed the same.

He added that there were other factors for people to take into account before their commit to purchasing a property.

"They need to look at that in relation to their own circumstances and see how long they will stay in their property for," he explained.

"The best people to go through for those scenarios are independent mortgage advisors."

Recent research by Sainsbury''s Bank found that first-time buyers in the UK have recently cut the amount of money that they have put away for a deposit.

The study found that the rising cost of living was blamed for the decision by people between 25 and 34 to save less.

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