'No quick fix for FTBs'
The slowdown in the housing market will ease pressure on those looking to get on the property ladder but will not deliver the shot in the arm for first-time buyers that some analysts are anticipating.
That is the view of Lucian Cook, director of research at Savills, who says that although there will be "some opportunities" for new entrants to the housing market it will remain tough, particularly in the capital.
"I think, in the short term, it's unlikely to help that many first-time buyers because they're still going to be reliant on mortgage finance," he explained.
"I suspect that that mortgage finance is going to be harder to come by as a result of the credit squeeze," he added.
Signs of a slowdown in the market have been emerging with increasing frequency of late, with the latest Halifax House Price Index suggesting a 1.1 per cent monthly fall in house prices – the third successive month a fall has been reported.
The lender says the average UK house price is now £194,895.
Published 10th December, 2007
© 2007 Estates IT Limited
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The slowdown in the housing market will ease pressure on those looking to get on the property ladder but will not deliver the shot in the arm for first-time buyers that some analysts are anticipating.