Lower property prices could tempt first-time buyers
Property prices for first-time buyers are currently lower than in previous years for some UK locations.
That is according to research conducted by Clydesdale and Yorkshire Banks, which found that in the south-east of England, the average cost of a first home is £16,500 less than it was during 2007.
In addition to this, the east Midlands has seen a price tumble averaging £15,541.
Retail director for the organisations Steve Reid said: "House prices vary significantly throughout the UK and these figures indicate that in some areas there is more than £16,000 difference in the cost of a first home compared to prices in 2007."
He added its selection of products might prove ideal for those seeking to buy their first home and could help to keep the market active.
Consumers might wish to opt for a 95 per cent mortgage from one of the banks, which claim to be "committed" to helping individuals get on the property ladder.
Use the Myfinances.co.uk comparison tables to find the best deal on a new mortgage
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