Brits 'afraid' to enter property market
Brits are so spooked by the property downturn that they are too afraid to get on the housing ladder, it has been suggested.
Paragon Mortgages blamed the global credit crunch for the current state of the market, noting that demand is suffering from falling prices and a rise in the number of people seeking a quick sale.
That has been received as an indication that homesellers expect average house prices to continue to fall - a view that is supported by the majority of property indices.
"Young people are choosing to remain in rented accommodation for longer due to the uncertain housing market outlook," said Paragon's John Heron.
His comments were echoed by Chris Newman of National Homebuyers, who warned: "It's not just FTBs (first-time buyers) that are afraid."
"Property prices will continue to fall as the limited number of available buyers call the shots. Equally, homeowners looking for a quick sale are in schtuck as they are unable to achieve the deadlines required in their property chain."
The average price of a UK home fell 0.6 per cent in April compared to March, according to housing consultancy Hometrack.
Published 29th April, 2008
© 2008 Estates IT Limited
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Brits are so spooked by the property downturn that they are too afraid to get on the housing ladder, it has been suggested.