Welsh property market set for first time buyer return

04-Jan-2006

Aspiring homeowners in Wales are set to benefit from a lack of house price growth this year, as industry experts believe that there will be little change.

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Following a cautious return to the property market at the end of 2005, first time buyers are expected to continue expressing interest and increasing activity within the sector as prices remain stable.

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Speaking to the Western Mail, Peter Griffiths from Principality Building Society said that average house price growth would be down on the results of 2005, which would prevent aspiring homeowners from being priced out of the market.

"Our planning assumption for next year is a fairly flat one and we've gone for a zero per cent house price growth," Mr Griffiths explained.

Predictions from Halifax are more positive, with a three per cent rise suggested, although the building society acknowledged that this was significantly lower than the 32 per cent growth seen since 2002.

Halifax also had some good news for buyers in the UK as it forecast that earnings would increase at a higher rate than property prices, helping more people to raise a deposit and get on the first rung of the property ladder.

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