First Direct: Brits holding out for cheaper houses

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First Direct: Brits holding out for cheaper houses

First Direct has conducted research which reveals that many people in the UK are holding on to their money and waiting for house prices to fall further before jumping on the property ladder.

According to the bank, prospective homeowners in the UK are currently sitting on a pot totalling £20.2 billion which they will invest in the housing market when they believe the time is right.

First Direct found that 12 per cent of Brits doubt they will never be able to buy a property with prices as they stand. Londoners are apparently prepared to play the waiting game more than people from other regions.

Jimmy Kelly, First Direct spokesman, recommended offsetting a mortgage against savings. He said: "If property is your preferred investment, it's worth existing home-owners investigating offset mortgages as a savings option while they wait for the right time to invest."

Recently Yorkshire Building Society revealed that it had experienced a significant increase in the number of choosing offset mortgage packages during the downturn.

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