7 May

House price drop 'an opportunity for FTBs'

House price drop 'an opportunity for FTBs'

The drop in house prices over the last 12 months - as well as the predicted continuation of falling values - has presented first-time buyers (FTB) with the opportunity to get on the property ladder.

At least that is the view of Katy John, spokesperson for the national campaign for affordable housing PricedOut.org.uk, who claimed a number of FTBs are "waiting it out" to see the direction the market takes over the coming months.

She added that those searching for property are "wary" about buying bricks and mortar in the current climate.

Ms John said: "For [FTBs] the falls in property prices do not spell doom, but [they] are an opportunity to think realistically about owning their own home."

More property transactions will take place in the UK once prices return to affordable levels, the campaigner explained.

The average price of a property in April was £151,861, according to Nationwide Building Society.
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