Homeowners suffer information overload

Homebuyers who want their property to serve as somewhere to live rather as an investment are being bombarded with too much information, experts have warned.

First time buyers, especially, are deterred by media reports about the state of the overall property market, whereas they should be focussing on things like the terms and conditions of their mortgages.

Dominic Mansley, managing director of Key Financial Consultants Limited, said: "It doesn't really matter what happens in the market, as long as the mortgage is affordable.

"It doesn't really matter whether the value goes up or down – because it isn't an investment, it's a home."

The Land Registry has published figures showing that the average house price in September 2007 was £183,896.

This is a rise of 8.7 per cent since September 2006, but is a drop over the previous four months, when house prices rose by an average of 9.3 per cent.

31/10/2007 12:57:37