Index Financial

According to Savills, although house prices in London may be expensive they are not so in Manchester, making it an ideal location for those looking to own their first home. Real Estate in the city centre is available for a mortgage of around £100,000.
“There is a lot on offer. The market is going through a little blip at the moment but as far as property prices go, I think they are quite fairly priced in Manchester. A one-bedroom apartment is still quite affordable and that’s city centre living that you wouldn’t get in London,” stated Tom Rogers, residential investment consultant at Savills.
Rogers also emphasized that growth in the city is ‘significant’ over the last few years and it is ‘still growing.’
Manchester is a vibrant city with plenty of activity to attract new residents- according to Savills. First-time home buyers are encouraged to consider Manchester when shopping for their home.
Adding to the expansion of their city, Manchester has ear-marking £4.9 billion towards construction projects over the next ten years, according to ManchesterFacts.com.

It is believed that people should still be able to invest in property in spite of the recent credit crunch.
The belief that now is not the time for first-time buyers to invest is not true stated Darren Cook, head of mortgages at Moneyfacts.co.uk.
Mr. Cook also asserted that it will be possible for people to make initial investments on property with support from lenders.
“It’s not all doom and gloom for first-time buyers, it’s just that in the current mortgage market, they are not sure what is going to happen so they are being a bit prudent,” he explained.
Moneyfacts research has shown that since December 2007, 11 mortgage lenders have reduced the maximum loan-to-value on offers for mortgage products.
The experts state that even though fewer loans for 100% of a properties value are available, this shows lenders are being cautious in the wake of the credit crisis, but is not necessarily a closing off of the market.
In fact, as the turbulence of the housing markets begins to settle, home seekers should be able to find some good deals on homes where sale prices have fallen.

Many first-time buyers may be relieved to hear that many lenders are still willing to work with borrowers to get them on the housing ladder to homeownership. Although home buyers are likely to face more stringent lending criteria than before, it is “not all doom and gloom”.
The current economic climate may actually benefit first-time buyers, says Moneyfacts.co.uk.
Although larger deposits, or guarantees are often required from a third party, this may serve as a safety net for first-time buyers.
Darren Cook, head of mortgages at Moneyfacts.co.uk, noted that the added steps in the home buying process can protect buyers from over committing themselves on a home purchase.
In addition to the tightened lending practices, first-time home buyers may also find lower prices on in certain areas where home prices have stymied or been driven down in the wake of the housing crisis.
Since December of last year, eleven mortgage providers have put new limits on their maximum loan amounts, according to Moneyfacts.co.uk.
“I think lenders are still supporting first-time buyers, they’re possibly just being a little bit more prudent in how they advance their funds,” Mr. Cook said.