House price falls will continue, expert says

03-Nov-2008

More first-time buyers (FTBs) could benefit in the short-term after an expert has predicted that house prices will continue to fall over the next six months.

Helen Adams, managing director at FirstRungNow.com, said the UK property market is currently in a state of crisis, adding that house price falls are likely to continue into the new year.

On the broad implications of the property market downturn, she commented: "There are measures being taken to reduce the effect of it but we don't know yet how much effect those will have so I think people will generally be quite conservative over the next six months."

It follows the publication of Nationwide's house price index last week, which revealed that a typical UK home is now worth about £30,000 less than its value 12 months ago.

Once priced out of the market when UK property hit its peak in prices last year, FTBs might now be able to capitalise on the effect the credit squeeze has had on the UK economy.

However, those in a position to afford to purchase might be advised to move quickly, as Ms Adams suggests that the property market could begin to recover with prices increasing again from next spring.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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