FTBs Could Be Rewarded By Falling House Prices

 

It has been suggested that first time buyers (FTBs) in the UK may experience long term benefits from falling house prices.

A spokesman for PricedOut, a national campaign for affordable housing, Matt Griffith, said that there was a “glimmer of light” for FTBs, as in the coming years house prices are set to fall.

These statements were made following a speech delivered by Labour Leader, Ed Miliband, earlier in the week. Miliband stated that the decisions to decrease investment and change the planning system made by the coalition government will make providing new homes more difficult, rather than simpler.

Mr Griffith expressed the opinion that such a strategy would “not be sensible” in response to the proposition that a return to 100% mortgages would be able to aid young first time buyers onto the property ladder. He went on to explain that these mortgages would most likely leave young people feeling “very vulnerable” to the chances of getting into negative equity, proving in the long-term to prove a substantial trouble to their financial well being.

He continued saying "Lack of mortgages may be keeping houses out of reach for now, but if FTBs can focus on saving for a deposit then they may well be rewarded with cheaper prices before too long."ADNFCR-1286-ID-800556621-ADNFCR



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