UK Money News
7th December 2007
First-time buyers' not benefiting from slowdown yet'
First-time buyers are being advised not to get excited about predictions of property market falls, as it is still too early.
According to Firstrung chief executive officer, Paul Holmes, its is "way too early to get excited", despite figures suggesting that house prices in Britain are dipping and a reduction in the base rate of interest by the Bank of England this week.
Mr Holmes claims that the range of mortgage options open to first time buyers is also starting to fall, making it more difficult to secure a good deal and compare mortgages for those trying to get a foot on the property ladder.
"I think next year will have one per cent falls per month," he predicted. "I would say house prices falling at around 12 per cent during 2008. That would still leave the majority of first time buyers priced out."
The Halifax House Price Index for November 2007 revealed that house prices fell by 1.1 per cent last months, though prices remain 6.3 per cent higher over the year. An increase in interest rates between July 2006 and July 2007 appears to be affecting the market, as is economic uncertainty and falling real earnings.
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