First-time buyers told now a good time to buy

AS the European Central Bank (ECB) shows no sign of hiking interest rates, first-time buyers are being told now could be a good time to buy despite the possibility that property prices have not yet bottomed out.

The ECB left interest rates on hold yesterday at their record low of 1%, which came as a welcome relief to those on tracker mortgages.

Director with the Professional Insurance Brokers’ Association (PIBA), Rachel Doyle, said first-time buyers who want to get a foothold in the property market might be well advised to move while some long-term fixed rates are still reasonable.