21 Nov

House clearance sales 'to help first-time buyers'

House clearance sales 'to help first-time buyers'

First-time buyers will be aided by the increasing number of house clearance sales taking place, it has been suggested.

Developer Countrywide Properties is one of the housebuilding firms that has had to resort to a clearance sale to move unsold stock, something that will offer first-time buyers an opportunity to get on the ladder at a lower price than would otherwise be the case.

Commenting on such sales, Seema Shaha, an economist at Capital Economics, said: "It's been very difficult to get on the housing market as the housing prices have been over-valued. For someone who wants to get onto the housing market this is good news."

Such sales come amid a general dip in prices, which can be advantageous for first-time buyers with access to mortgage finance.

Falls recorded include the October survey by Hometrack, which stated that house prices have dropped 7.3 per cent in the past year, returning to the price levels of March 2006.

The Countrywide sale is taking place this Saturday, November 22nd.

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