UK Money News
7th May 2008
Hard-bargaining first time buyers driving price deflation
Aggressive haggling from first time buyers is helping to drive UK property prices down, it has been claimed.
According to Moneyextra.com, recently the market has been marked by a "relatively small" number of first time buyers looking to get on the property ladder.
However, those who are seeking to buy are driving increasingly hard bargains with sellers.
This, along with jitters over the direction of the market, is helping to deflate the values of UK property, according to Robin Amlot, senior editor of Moneyextra.com.
He commented: "While it may be getting tougher to get a mortgage now, it would appear that those first time buyers who are in a position to buy are driving much harder bargains with sellers.
"Housing is very definitely a buyers' market now rather than the sellers' market that existing homeowners had become used to."
Research conducted by the site found that the average price that novice home buyers are prepared to pay for a home now stands at £170,559.
This is 10.75 per cent less than the figure noted in December at the peak of the market.
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