Getting onto the property ladder has always been a challenge for first-time buyers and it is incorrect to say this is a new phenomenon, an expert has said.
Independent property specialist Malcolm Harrison commented that while it was true that prices had gone “potty” in the latter years of the boom, it is not the case that the situation will be significantly changed by the lack of any further fall in prices.
He remarked: “It’s always difficult getting on the property ladder and it has been ever since the war – everybody’s first purchase is a pretty major step forward … it’s always been ‘poor first time-buyers’.”
Mr Harrison added that this had been true down the generations.
Those keen to get on the property ladder may wish to shop around for the best
According to Hometrack, house prices in June were completely unchanged from their level in May, while Nationwide recorded a rise of 1.2 per cent last month.