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UK house prices have fallen because 'people cannot afford to buy'
Posted: 02 Mar 2010 10:26:05 GMT
The average value of properties in the UK has fallen because people are no longer able to secure mortgage deals and therefore cannot afford to purchase a home, one expert has stated.
Paul Holmes, chief executive of Firstrung, says that the decline of house prices has absolutely nothing to do with supply and demand.
"The supply and demand argument is a complete red herring. The reason prices will fall is because people can't afford to buy. They can't afford to buy because there is no more cheap money available," he states.
According to figures from Nationwide, house prices fell by one per cent month-on-month in February, ending a nine-month run of increases.
Mr Holmes adds that he believes 50 per cent of would-be homeowners that want a mortgage are not able to get one in the current economic climate, meaning that they are being priced out of the home buying market.
Recent figures from the Land Registry reveal that the average British house price currently stands at £165,088.
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