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'Really important for homeowners to think before buying'
25/04/2008 09:50:00
It is "really, really important" for first-time buyers to think before buying as not doing so in the current climate could waste money, a property expert has warned.
Alexander Hall stated that consumers looking to put a foot on the first rung of the property ladder should consider all their options before making a purchase due to the fluctuations in the current economic climate.
Andy Pratt, spokesperson for Alexander Hall, said that would-be-buyers should make sure they research what would happen if house prices went up, stayed the same or decreased by five per cent or more.
"They need to look at that in relation to their own circumstances and see how long they will stay in their property for," he stated.
Meanwhile, the Times reported that a recent study by Morgan Stanley suggested that house prices will fall by 15 per cent during the next two years.
According to the survey, this drop will push up to ten per cent of homeowners into negative equity.
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