First-time buyers 'will see prices drop 7% in 2010'

20-Jul-2010

Published by Sam Franklin

First-time buyers will soon see the seven per cent rise in asking prices over the early part of the year reversed, according to one commentator.

David Amstell of property website Briffy.com said 2010's sales had already reached their zenith and the remaining months would see a decline in values, as summer holidays give way to thoughts of Christmas and less people want to buy and sell.

He said first-time buyers would see the market "is like a tap being turned on half", with only those keen to move "for whatever reason" still actively seeking a house purchase deal.

Individuals in need of first-time buyer advice may have noticed falling property costs, as Rightmove reported yesterday (July 19th) there has been a drop in asking prices for the first time this year.

So far this month, values are down around 0.6 per cent, bringing the worth of an average house to £263,332, according to the online estate agents.

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