The slight reduction in the average house price in England and Wales during August could be positive for first-time buyers, it has been suggested.
Land Registry figures showed a 0.1 per cent fall in the average home sale value to £155,968.
Founder of property website Briffy.com David Amstell remarked: “Obviously, for new people coming into the market, it’s good that the market is low.”
He added that some may think of waiting for prices to fall further, but commented: “I don’t know if that’s necessarily the sensible way to go.”
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The Land Registry’s August figure put the fall at 9.4 per cent, compared with 11.7 per cent in July.
A major reason for such a reduction in the rate of price decline is the month-month elimination of periods of larger drops in 2008 from the calculation.