25 Aug

FTBs may 'still face difficulties' getting on property ladder

FTBs may 'still face difficulties' getting on property ladder

Some first-time buyers may still find it difficult to get on to the property ladder, according to a property expert.

Bernard Clarke, a spokesperson for the Council of Mortgage Lenders, the trade association for the mortgage lending industry, said that the decrease in house prices reflects conditions in which it is still hard for buyers affected by a shortage of mortgage funding.

His comments follow the publication of the Rightmove House Price Index published earlier this month, which revealed that average asking prices fell by 2.2 per cent as summer sellers priced more realistically.

"Some [mortgage lenders] will be worried about the continuing recession and they may have concerns about their job security," stated Mr Clarke.

The news comes after the trade body reported last week that advances picked up in June and July as anticipated, constituting a typically strong seasonal rise over the summer months as a whole.

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