Low house prices good for first-time buyers

27-Mar-2009

First-time buyers looking for bargains could be in luck, after the latest figures from the Land Registry House Price Index revealed house prices have fallen for the 18th consecutive month.

According to the index, UK property prices fell by 16.5 per cent over the last 12 months.

This may be good news for first-time buyers who are struggling to afford to get onto the first rung of the housing market.

The index reported that the price of an average home in the UK dropped by £3,000 in February to the same level as in 2004.

Prices fell in all regions of England and Wales; property in the north-west dropped by more than four per cent last month alone, and the West Midlands had the biggest annual fall in property prices at 17.7 per cent.

Halifax's House Price Index also showed a decline in property prices, in February they fell by 2.3 per cent.

A recent report by haart estate agents showed that would-be buyers were taking advantage of falling house prices and low interest rates.

According to the research, in January and February, the number of people looking for a new home rose by 80 per cent.

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