Property market ‘still gloomy’ for first-time buyers

First-time buyers have seen no improvement to the property market in recent months despite economic uncertainty, one expert has said.

Chief executive of Firstrung Paul Holmes stated that houses will have to become more “affordable” in the future as “cheap credit has been stripped out of the marketplace”.

Mr Holmes predicted that first-time buyers will have to wait a long time before they see any rewards from the housing market.

Although the disappearance of cheap mortgage deals will prompt a shift in the sector, he remarked.

“It’s as bad as it’s ever been for first-time buyers but hopefully we are entering the period where it will start to be good again,” he added.

The average home now costs £178,555, Nationwide revealed in its house price survey in April, noting that this is one percentage point less than the same time in 2007.

© Adfero Ltd

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