TOUGH TIMES AHEAD FOR FIRST TIME BUYERS PREDICTED

June 4, 2015 by in category Mortgage News with 0 and 0

A survey by the National Association of Estate Agents reveals that Estate agents are predicting a tough time ahead for first-time buyers.

They said they did not expect the first-time buyer market to substantially increase over the next five years.

Because of the expected increase in house prices, some 55% of agents said they thought that this would push first-time buyers out of the market.

Pushing up the value of the average home to £196,000, figures from the Halifax House Price Index revealed a 2% rise in house prices in the three months to May .

 

According to the managing director of the NAEA Mark Hayward,  house price rises and tighter lending criteria made buying a home ‘notoriously tough for first-time buyers’.

Continuing he said: “Whilst this month’s figures are positive and a step in the right direction, I’d like to think that with the help of 200,000 new starter homes and the Help to Buy ISA, first-time buyers will be given even more help to get their foot on the ladder; however these things may take time to come to fruition.”

 

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