First-timers 'waiting it out' to buy house

Posted: 07 May 2009 11:07:56 GMT

First-time buyers are currently "waiting it out" to see if the price of property falls further in the coming months.

At least that is the opinion of Katy John, spokesperson for the national campaign for affordable housing PricedOut.org.uk, who said those looking to get on the property ladder are "wary" about purchasing homes in the current economic climate.

With a delay in property transactions, those selling bricks and mortar may find they have more success taking out an advertisement online.

Ms John said: "For [first-time buyers], the falls in property prices do not spell doom, but [they] are an opportunity to think realistically about owning their own home."

Property transactions will start to increase once prices return to affordable levels, around four times the average salary in the UK, she added.

Nationwide Building Society's latest house price figures showed that the average price of a property last month was £151,861.


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