Property bargains difficult for buyers to find
People hoping to get on to the property ladder are likely to find it difficult to negotiate a good deal, despite the fall in house prices, a market expert has warned.
Land Registry figures show that the average house price in London fell by 15.4 per cent to £299,613 in the 12 months to the end of March.
However, many people find that property to rent in London is a more affordable option than buying, as it is still difficult to identify bargains.
Mike Bickerton, director of property adviser DTZ Residential, explained that although there are plenty of prospective buyers hoping to take advantage of the slump in house prices, there is a shortage of property for sale.
As a result, first-time buyers are unable to secure the level of discount they may have expected.
"In the coming months, we would see this trend continuing, with a decreasing discount available to buyers as the market recovers," said Mr Bickerton.
Written by Chris Price
Published 26th May, 2009
© 2009 Estates IT Limited
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Prospective property buyers are finding it difficult to secure bargains.