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- Mon 12th Sep 2011
- Up to one in six European banks fail financial health check.
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- Mon 13th Jun 2011
New homebuyers face "double-edged sword" in 2008
Mon 10 Dec 2007 3pm
The current slowdown in the property market is set to have an impact on the UK's first-time buyers which is both positive and negative, it has been claimed.Sue Anderson of the Council of Mortgage Lenders said that new buyers should expect a "double-edged sword" when looking to get on the property ladder next year, although she admitted that "it will be a while before we can really tell" the full extent of the slowdown.
The organisation's head of external affairs explained that although the fall in prices is of course "good news" for first-time buyers, the general uncertainty in the market is likely to make them feel "vulnerable" and "a bit wobbly" when it comes to making a purchase.
"One way or another, first-time buyers can at least breathe a sigh of relief that we are probably not going to be seeing house prices getting further out of reach," Ms Anderson stated.
She added that "the way in which the market reacts over the post-Christmas period" will be crucial in determining conditions for first-time buyers in 2008.
Average house prices dropped by 1.1 per cent last month, according to the latest index from Halifax.
