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First-time buyer market 'slowly increased in June'
22.07.2008
There has been a slow increase in the number of first-time buyers over the past month, according to an industry body spokesman.
First-time buyer sales accounted for 11.8 per cent of housing transactions in June, the president of the National Association of Estate Agents said.
Chris Brown commented that if they have adequate funds, first-time buyers are now able to be opportunistic and take advantage of the current market conditions.
He added: "Consumer confidence is still low and this can be attributed to various economic factors, including the continuing rising costs of living, the credit crunch and, of course, the shackles around the mortgage market."
Mr Brown went on to say that joint working from the government, Bank of England, mortgage lenders and various other bodies is needed to ease the pressure in the mortgage markets.
Last week, research from the AXA Financial Taskforce suggested properties in middle Britain are set to drop in value by £40,000 in the next six months.
The predicted fall represents a drop of 18.3 per cent in the average price of properties owned by Britons with household incomes of between £40,000 and £100,000.
First-time buyer sales accounted for 11.8 per cent of housing transactions in June, the president of the National Association of Estate Agents said.
Chris Brown commented that if they have adequate funds, first-time buyers are now able to be opportunistic and take advantage of the current market conditions.
He added: "Consumer confidence is still low and this can be attributed to various economic factors, including the continuing rising costs of living, the credit crunch and, of course, the shackles around the mortgage market."
Mr Brown went on to say that joint working from the government, Bank of England, mortgage lenders and various other bodies is needed to ease the pressure in the mortgage markets.
Last week, research from the AXA Financial Taskforce suggested properties in middle Britain are set to drop in value by £40,000 in the next six months.
The predicted fall represents a drop of 18.3 per cent in the average price of properties owned by Britons with household incomes of between £40,000 and £100,000.