4 Jun

Dipping prices 'good for younger buyers'

Dipping prices 'good for younger buyers'

Falling house prices should help more people get a foot on the property ladder, according to a new report.

Property analysts at Hometrack say if predictions that prices will slump a further ten per cent are true, it could give a fifth of young working households unable to currently afford a property a good chance of buying.

Figures from the firm suggest 28 per cent of young Britons are currently priced out of the market, especially in London and the south-west.

However professor Steve Wilcox of York University, who carried out the market analysis, warns mortgage shortages will continue to be a barrier to first-time buyers.

He tells the BBC: "While house prices are falling, access to the property market is being increasingly limited by the costs and more restrictive terms of a substantially reduced supply of mortgage finance."

A recent study by Nationwide revealed houses are still five per cent more expensive than they were two years ago.ADNFCR-1222-ID-18623950-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.