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First time buyers going for increasingly cheaper options

The average property value being considered by first time buyers fell to £170,559 in April, down 5.75 per cent on March, according to financial website Moneyextra.com.

Average prices in April 2008 show a 4.78 per cent reduction on figures from the same time last year.

But Moneyextra.com says the average loan-to-value ratio first time buyers are taking has risen to its highest level at 82.89 per cent.

The website says the average amount first time buyers were looking to borrow in April was £141,369.

Moneyextra.com senior editor Robin Amlôt says: “While it may be getting tougher to get a mortgage now, it would appear that those first time buyers who are in a position to buy are driving much harder bargains with sellers.

“Housing is very definitely a buyers’ market now rather than the sellers’ market that existing homeowners had become used to.”

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