UK Money News
3rd January 2008
House price inflation 'will fall in the next three years'
The phenomenon of house price inflation has reached an end for this generation, according to one first-time buyer specialist.
Provider of personal finance information to new buyers Firstrung states that a price correction of as much as 35 per cent is forecast over the next three years.
Paul Holmes, chief executive officer of the company, states that whether or not prices are set to fall is not in debate - it is undoubtedly the case that they will.
"Now all the cheap credit has been stripped from the market, there is now only one fundamental that is going to underpin this market and that is what people can afford," he said.
He added that the amount people are able to afford to rent will also impact on the market as it dictates the level of help with money for mortgages available for buy-to-let investors.
According to Halifax, since 2002 the average deposit paid by a first-time buyer has increased by 88 per cent to £34,381.
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