First-time buyers to benefit 'hugely' from mortgages decrease

First-time buyers will benefit "hugely" from the reduction in mortgage deals, according to Firstrung.

The company has revealed that the 60 per cent reduction in the number of mortgages which are available will result in a fall in house prices.

Paul Holmes, operations director at Firstrung, said: "You have first-time buyers who are flavour of the day from house builders who have over-developed massively and now have no customers and so the only people they can possibly look for are first-time buyers."

He added that he thinks there is a pause for breath at "the sharp end of selling houses" and people are dreaming about the house price ratio when they are looking and have to "price their houses in far more realistically".

Firstrung specialises in delivering solutions to first-time buyers and specifically aims to help them with financial and buying solutions.

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