FTBs 'will not benefit from downturn'
One leading industry expert has suggested that the property downturn is unlikely to have an immediate benefit for first-time buyers (FTBs).
Property prices have been falling steadily for months but according to Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS), FTBs are in no position to benefit.
Commenting after the Bank of England released new figures showing the lowest level of mortgage approvals for 15 years, Mr Rubinsohn declared that the credit crunched economy would continue to stop would-be homebuyers from securing UK-wide and London property.
He commented: "Lenders are continuing to tighten up on the conditions accompanying new loans, making it hard for first-time buyers to take advantage of the modest fall in house prices seen over the past few months."
And hinting that the difficulties are far from over, Mr Rubinsohn added: "A collapse in transactions of this magnitude has major implications both for consumer spending and a wide range of ancillary industries."
Last week, Nationwide revealed that UK house prices are falling at the fastest rate ever recorded, down 4.4 per cent on a year ago.
Published 2nd June, 2008
© 2008 Estates IT Limited
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One leading industry expert has suggested that the property downturn is unlikely to have an immediate benefit for first-time buyers (FTBs).