Survey says it's a buyers market

Posted: 17 Apr 2007 11:02:35 GMT

The housing market is shifting towards buyers, according to the findings of a new survey.

The housing market is shifting towards buyers, according to the findings of a new survey.

Property website Propertyfinder found that the average initial offer in April was 2.3 per cent lower than the asking price, the lowest figures since July 2006, Citywire reports.

According to Propertyfinder, a factor in the trend was the lower number of first-time buyers, down to 22 per cent of buyers from a third one year ago.

Stating that the first-time market was "calming" with the rest to follow, Propertyfinder's head Nicholas Leeming said: "It is no wonder first-time buyers are holding off purchasing property - increases in the cost of borrowing most dramatically affect those without capital already invested in bricks and mortar."

Figures released yesterday by the Department for Communities and Local Government showed that the average price of a house for first-time buyers now stands at £156,000.


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