Further fall in house prices

29-Sep-2005

It has been revealed that September saw a second successive drop in property prices, offering aspiring homeowners a greater chance to get onto the property ladder.

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First time buyers will be encouraged by the news that Nationwide's latest house price index has shown that prices fell by 0.2 per cent, the same amount as they dropped by during August.

Aspiring first time buyers are already considered an important market for mortgage lenders as they look to reinvigorate the property market and the news of a further fall is likely to encourage more aspiring homeowners to get onto the first rung of the property ladder while price inflation remains low.

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Nationwide's chief economist Fionnuala Earley, commented: "According to this measure, house price growth stalled in the three months to September, with no increase on the previous three months."

However, she added that prices remain higher than this time last year, meaning that first time buyers should still think carefully before entering into the market.

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