First-time buyer values fall

Posted 2008-05-6

The price of a house for first-time buyers is being affected by their dwindling numbers, it has been claimed.

Moneyextra.com has claimed that the average price of a property that a first-time buyer is willing to pay was £170,559, a 5.75 per cent decrease on the previous month and 4.78 per cent lower than a year ago.

Research by the price comparison site also revealed that the number of people securing mortgages with dual income applications rose to an all-time high of 44.79 per cent.

Robin Amlot, senior editor of Moneyextra.com believes the market is now a buyers one.

"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 now driving much harder bargains with sellers. Housing is very definitely a buyers market," he said.

According to housing charity Shelter, the price of the average first-time property increased from £52,674 to £159,494 in the decade to 2007.

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