February house price drop 'gives FTBs brief respite'
26-Feb-2010
House prices fell by one per cent in month-on-month figures for February, released this week by Nationwide.
News of the slight reduction in the market is, according to the building society, positive for
first-time buyers (FTBs) who have been priced out of getting on the first rung of the property ladder in recent times.
However, it is likely to take more than a one per cent drop before prices become affordable for the majority of would-be
FTBs - leaving many considering the respective merits of shared equity mortgages.
Martin Gahbauer, Nationwide's chief economist, said: "A pause in the upward trend will be a relief to potential first-time buyers who are no longer benefiting from the stamp duty holiday and for whom affordability had begun to deteriorate again."
Recent rises in house prices and a tightening of the belts by lenders has caused
FTBs to become far more reliant on
parental help, with a study by the Children's Mutual last week showing that mums and dads spend an average of £30,000 on their offspring between 18 and 30.
How to buy a house from finding your
first property,
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mortgage advice,
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HomeBuy. All a
first time buyer could need as well as first time buyer news at FirstRungNow.com.
FTBs 'squeezed out of property market by lending restrictions' Decreasing number of new houses may be bad news for FTBs 10-year low in lending may be cause for concern for FTBs
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