Never resort to 'desperate measures'

If you can't afford to buy a property then you should not resort to desperate measures but should hold out to a time when the property market is less expensive, according to one expert.

It is "reckless" to enter into unaffordable mortgages with merely the hopes of future growth and other schemes are just as dangerous. Initiatives such as joint ownership schemes with anyone but a long-term parent could work out terribly if one of you needs to pull out.

"Any desperate measure should be avoided. If you cannot afford to buy simply sit out the current market place and amass as much of a deposit as possible," said Paul Holmes, the chief executive officer of specialist first-time buyer agency Firstrung.

He added that first-time buyers should make their decision on affordability alone and should perhaps take a bit of time out to consider stress testing their payments, by thinking to themselves 'could I afford the payments if they increased by 20 per cent?'.


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