House price correction 'on the cards' for FTBs
The UK housing market is primed for a long-overdue correction to house prices, first-time buyers (FTBs) have been told.
Property specialist Firstrung said that such a correction would be "the best thing that could happen for first-time buyers" - making it easier for young people to afford property for sale in London.
However, analysts say that the outlook remains grim for those who already own London property or are looking to get on the housing ladder in the near future.
Hinting that most would-be homeowners will opt to find property to rent in London until the market stabilises, Firstrung chief executive Paul Holmes said a downward correction is all but inevitable.
"The state the housing market is at now, it is ripe for a considerable correction and that is the best thing that could happen for first-time buyers," he commented.
"House prices [will] correct to a level of achievable affordability … [allowing FTBs to] save up a deposit quietly and efficiently in the background and then hopefully … buy their first property."
Published 29th July, 2008
© 2008 Estates IT Limited
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The UK housing market is primed for a long-overdue correction to house prices, first-time buyers (FTBs) have been told.