19 December 2006

A website has been launched in a bid to help first-time buyers seek advice on the property market.

Research conducted by Abbey has found that 17 per cent of those looking to take their first step on the property ladder between the ages of 16 and 34 are reliant on help from friends or relatives.

The new website, offered by the bank, intends to create an online community for homebuyers where they can share tips and stories.

Nici Audhlam Gardiner, product executive for mortgages at Abbey, states that first-time buyers can avoid potential dangers and understand the process more effectively by sharing advice.

"Buying a house for the first time is both exciting and daunting," she remarked.

"This website community helps demystify house buying - with advice and help from those who've done it before, or who are going through the process."

Davis Stubbs, an economist at the Royal Institution of Chartered Surveyors, recently warned that rising house prices will continue to make getting on the property ladder tougher for first-time buyers in 2007.

© Adfero Ltd

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