"Long way to go" before property market improves

24-Sep-2008

First-time buyers (FTBs) looking to get on the property ladder could have a long wait before the market stabilises, according to one expert.

The "state of dysfunction" in the financial market meant it was crucial the government intervened but full recovery has not yet been achieved, says Paragon Mortgages managing director John Heron.

"We've seen little or no action from the UK government, we are starting see that now because they've been forced to recognise the criticality of the situation," he comments.

"I think it has improved but we have a long way to go."

Mr Heron also warns that bailing out bad lending "is possibly not worth it".

According to the Halifax house price index from last month the UK average price has returned to the level it was at in February 2006, FTB's might be interested to know.

It says the temporary raising of the stamp duty threshold to £175,000 should reduce the burden for a significant number of homebuyers.

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