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| First-time buyers would benefit from Brexit, says Moody's | First-time buyers would benefit from Brexit, says Moody's |
| (35 minutes later) | |
| First-time homebuyers in the UK would benefit from a vote to leave the EU, according to a leading ratings agency. | |
| Moody’s said a fall in house prices and lower competition for housing triggered by a Brexit would make it more affordable for people trying to get on the property ladder for the first time. | Moody’s said a fall in house prices and lower competition for housing triggered by a Brexit would make it more affordable for people trying to get on the property ladder for the first time. |
| Last week, Christine Lagarde, head of the International Monetary Fund, said a vote to leave the EU at next month’s referendum could cause a house price and stock market crash. | Last week, Christine Lagarde, head of the International Monetary Fund, said a vote to leave the EU at next month’s referendum could cause a house price and stock market crash. |
| “We have looked at all the scenarios. We have done our homework and we haven’t found anything positive to say about a Brexit vote,” she said. | “We have looked at all the scenarios. We have done our homework and we haven’t found anything positive to say about a Brexit vote,” she said. |
| However, Moody’s suggested Brexit would be positive for cash-strapped first-time buyers who are currently priced out of the market. | However, Moody’s suggested Brexit would be positive for cash-strapped first-time buyers who are currently priced out of the market. |
| UK prices rose in March at their fastest monthly rate since 2004, the latest official figures showed, boosted over the month as buy-to-let investors rushed to complete purchases ahead of a stamp duty rise in April. | UK prices rose in March at their fastest monthly rate since 2004, the latest official figures showed, boosted over the month as buy-to-let investors rushed to complete purchases ahead of a stamp duty rise in April. |
| Related: Rents and property values would drop after Brexit, say landlords | |
| House prices increased 2.5% over the month, taking the average price of a home to £291,820 according to the Office for National Statistics. | House prices increased 2.5% over the month, taking the average price of a home to £291,820 according to the Office for National Statistics. |
| Moody’s said London’s property market could be more affected by Brexit, and that landlords could struggle to pay mortgages because of falling rental demand. | Moody’s said London’s property market could be more affected by Brexit, and that landlords could struggle to pay mortgages because of falling rental demand. |