House price rises 'disappointing'
The average price of houses across the UK is predicted to rise by more than six per cent this year, new research has revealed.
According to the Centre for Economic and Business Research, by 2014, Britons can expect prices to increase by 20 per cent compared to those on today's market.
Helen Adams, managing director of FirstrungNow.com, said the news was "disappointing" for first-time buyers.
She explained this was particularly the case as mortgage lenders have yet to come up with an inviting offering for such new buyers.
"[As a result,] it is so difficult for first-time buyers to take advantage of the properties sitting at the bottom of the ladder," Ms Adams continued.
Another factor which may be putting people off from climbing the property ladder could be the knowledge they will have to pay for a steep deposit, but that they do not currently have the finances available to cover this, Ms Adams explained.
However, she asserted this trend may not continue as job losses continue and people remain prudent, which may put a halt on property price rises.
Britons looking to save for their first home may find flats to rent in Eltham or another part of London are an affordable option while they build up a deposit.
Written by Martyn Glynn
Published 3rd February, 2010
© 2010 Estates IT Limited
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