First-time buyers 'may face higher prices'

17-Dec-2009

First-time buyer mortgage seekers looking to get their foot on the property ladder may soon face increased prices.

According to Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics), numbers could go up in 2010, meaning a potentially more expensive transaction is on the cards for most purchasers.

He attributed this belief to rising taxes, fiscal policies and various pressures the market is facing as the worst of the recession tails off.

"There are enough factors to make on a bit wary," he added, although went on to say that the supply of property is "picking up".

Mr Rubinsohn's comments follow a recently-published survey by Countrywide Mortgage Services, which found that applications for tracker mortgages went up for the fourth consecutive month in November.

This may be related to the currently low base rate, which sits at 0.5 per cent. However, many economists believe it will begin to climb again next year.

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