First time buyers urged to ‘act now’ as data hints at recovery

Miller Homes West Midlands is urging first time buyers to ‘act now’ or be left behind as a flurry of new housing data suggests that the market is on the road to recovery.

Figures from the Department of Communities and Local Government demonstrate that the supply of new homes jumped in the second quarter of 2009 by 63% in comparison to the first quarter of the year. However, the data also reveals that the number of completions rose by 24% in the same period leading to renewed fears that first time buyers could be left behind if prices start to rise again.

Linda Androlia, sales director for Miller Homes West Midlands says that conditions for first time buyers have never been more favourable but might not last: “The increase in supply is very good news for first time buyers as it will continue to keep a lid on house prices for the time being. However, the number of completions suggests that demand is beginning to increase which, ultimately, will drive prices over the medium term.”

Androlia says that the UK’s historic housing supply problem which has driven house prices over the last ten years and denied many potential homeowners the opportunity to own their own home has not disappeared: “The fact of the matter is we still have a supply problem that will take many years to eradicate. Many first time buyers found themselves in a position where their savings for a deposit were outpaced by house price inflation. It is not impossible that this situation could quickly reappear.”

She continued: “Figures from many of the mortgage providers suggest that prices are already beginning to rise, so if you want to take advantage of low prices and get a good deal, you need to act now. That’s particularly true for first time buyers who should also remember that there is a limited supply of shared equity deals such as Home Buy Direct and MiWay.”

For further information on the shared equity schemes and the range of properties available at Miller Homes’ 12 developments in the West Midlands, visit millerhomes.co.uk.