Property market 'a distant dream' for first-time buyers
Purchasing a property remains a distant dream for the majority of young people, it has been argued.
According to Peter O'Connell, policy manager at the Federation of Master Builders, a number of factors will influence the timescale of improvement in the situation for first-time buyers.
He explained that building of homes will need to "increase massively", while current prices have to drop further in order to match earnings.
In addition, Mr O'Connell noted that a return of "sensible lending" by banks will have to be seen.
"All three will take time and the longer the government procrastinates, the less cause for optimism there is," he remarked.
Those who are looking for somewhere to live in London but wish to avoid the problems associated with entering the housing market may prefer to look at flats to rent in Bethnal Green.
A recent Homes and Communities Agency poll indicated that 70 per cent of property professionals are concerned about the effects of the recession on their business.
Written by Tom Price
Published 20th April, 2009
© 2009 Estates IT Limited
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Purchasing a property remains a distant dream for the majority of young people, it has been argued.