Campaign group assesses first-time buyers

08-May-2009

Those looking to purchase their first property are currently "waiting it out" to see if house prices fall further in the coming months, it has been suggested.

According to Katy John, spokesperson for the national campaign for affordable housing PricedOut.org.uk, there is wariness among first timers about buying bricks and mortar in the current economic climate.

The average cost of a property in the UK last month was £151,861, according to Nationwide Building Society, but prices dropped 0.4 per cent on March's level.

Ms John said: "For [first-time buyers], the falls in property prices do not spell doom, but [they] are an opportunity to think realistically about owning their own home."

There will be more property transactions when bricks and mortar drops to more affordable levels, she added, before suggesting that the value of homes should be around four times the average UK salary.

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