First-time buyers see ‘no improvement’ in housing market
The changing property market has not improved the fortunes of first-time buyers, it has been suggested.
According to the chief executive of Firstrung, Paul Holmes, the market will have to alter in the future as the last of cheap mortgage deals disappear.
As "cheap credit has been stripped out of the marketplace" houses must become more "affordable" if first-time buyers are to step onto the property ladder, Mr Holmes stated.
"It's as bad as it's ever been for first-time buyers but hopefully we are entering the period where it will start to be good again," he said.
However, Mr Holmes suggested that it will take a long time for the market to reap rewards for first-time buyers.
In April, Nationwide reported that house prices have fallen by one percentage point over the last 12 months, with the average home now costing £178,555.
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