'More stability needed' in property market
A lack of supply is helping to increase house prices, new research has found, but this may mean there are fewer opportunities for first-time buyers.
According to the Royal Institution of Chartered Surveyors, a lack of supply is still underpinning the house price recovery and helping to increase property values.
However, the average number of unsold properties on surveyors' books remained unchanged at 64.
Commenting on the news, Peter Cowell, a broker at Click n go Mortgages, said: "There could be a lot more help being given to first-time buyers. The Shared Ownership Schemes and the Homebuy Schemes should definitely receive a lot more support and funding from the government."
As the market recovers, first-time buyers may feel there are a lack of suitable properties on the market to entice them.
In light of this, they may choose to look for flats to rent in Shoreditch or another part of London - which could also be cheaper than buying a new home.
Written by Martyn Glynn
Published 16th October, 2009
© 2009 Estates IT Limited
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