Collapse of new-build sector could lead people to find flats to rent in London
first-time buyers searching for a home may decide to find a flat to rent in London, following one expert's comments.
Liam Bailey, head of residential research at Knight Frank, said he expects those people looking to secure their first property to face difficulty in doing so in the short to medium term.
He added the situation was not improved by the collapse of the new-build sector, an area popular with first-time buyers looking to enter the marketplace.
As a result of a decrease in recently constructed houses, there has been a reduction in the number of individuals trying to procure their initial property, as they are normally attracted to a modern home, Mr Bailey noted.
"I think the reality for people coming to the housing market for the first time is that it is very difficult," he observed.
According to research published by Genworth Financial earlier this month, the main obstacle preventing those attempting to secure their first home is the deposit, with the average amount required to be put down in London standing at £29,700.
posted by Martyn Glynn
Published 15th October, 2010
© 2010 Estates IT Limited
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First-time buyers face difficulty in securing their first property in the short to medium term, it has been noted.