UK Money News
28th March 2008
Housing market 'set to favour first time buyers'
First time buyers are well poised to capitalise on the slowdown in the housing market, it has been claimed.
Paul Holmes, operations director of Firstrung, said that over the next two years prices for homes could fall in value by 20 per cent.
This, coupled with an oversupply of new build developments, will see novice homebuyers enjoy considerably improved conditions, he predicted.
Mr Holmes said: "I think first time buyers are going to benefit hugely. You have first-time buyers who are flavour of the day from house builders who have over-developed massively and now have no customers and so the only people they can possibly look for are first-time buyers.
"If first time buyers think they’ve got a bargain, then fine, buy it. If not, they’ve waited this long so where's the harm in sitting out the market a little bit longer and watching as this drama unfolds."
The slowdown in house price inflation was born out by new figures from Nationwide which found that prices declined by 0.6 per cent during March.
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